All Compliance Week articles in Web Issue – Page 679
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Blog
How Audit Committees Really Think About Risk
Image: Enterprise risk management is a hot subject in boardrooms across America these days, with big consequence for corporate compliance and audit professionals. Still, do audit committees have a clear sense of how they want to approach risk and risk management? Compliance Week editor Matt Kelly decided to look at ...
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Blog
Cost of Corruption: Now the Short-Sellers Are Here
The costs of corruption come in many forms, not the least being painfully high penalties from regulators and lawsuits from unhappy shareholders. Now a new front has opened: Muddy Waters, a short-seller firm pressuring Swedish telecom company TeliaSonera, is accusing it of bribery in central Asia—and benefitting as the stock ...
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Resource
e-Book: Purging Vendor IT Risk
Third-party risk management continues to confound many companies, with compliance officers feeling frustrated that the strategies and processes necessary to keep pace with these risks are evolving faster than their companies can manage. At the same time, technology is becoming increasingly difficult to navigate and can leave businesses vulnerable to ...
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Blog
U.K. Government Curbs Senior Managers Regime
The U.K’s Finance Ministry is scrapping a key part of the Senior Managers Regime that demanded senior managers prove that they took the necessary steps to prevent employee misconduct. Instead, a new “duty of responsibility” clause will require senior managers to take only the appropriate steps to prevent a regulatory ...
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Blog
Darden Appoints General Counsel and Corporate Secretary
Darden Restaurants has named Matt Broad, former chief compliance officer at OfficeMax, as general counsel and corporate secretary, effective as of Oct. 13. In this role, Broad assumes responsibility for all legal affairs, including corporate governance, labor and employment law, development law, litigation and regulatory compliance. More inside.
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Blog
Survey: Boards Hate Pay Ratio Rule, Cool With Clawbacks
Not surprisingly, most board members remain unconvinced that the pay ratio disclosure rule enacted by the SEC is worth the paper it is printed on, according to a survey by BDO USA. An SEC proposal requiring the disclosure of communications between the audit committee and the external auditor was similarly ...
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Blog
PCAOB Issues Fresh Warnings on Risk
Image: The PCAOB has issued a report describing the deficiencies it sees in how audit firms implement and comply with risk assessment standards. “Because risk assessment underlies the entire audit process, it is critical that audit firms address these findings of weaknesses in compliance with the risk assessment standards,” said ...
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Blog
Comm. Aguilar: 'Conscientious' Directors Should Not Fear SEC
Image: In a recent speech, SEC Commissioner Luis Aguilar stated that although the SEC does occasionally file cases against directors of public companies, “the vast majority of directors are embracing their responsibilities and are fulfilling them conscientiously. These directors should have nothing to fear from the SEC.” Aguilar said that ...
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Blog
Pro Forma Reporting Tasked in Brisk M&A Market
A robust M&A market along with pro forma financial reporting rules have made it challenging for companies to comply with reporting requirements. New guidance from EY is meant to help companies know what pro forma financial information to present in SEC filings, which SEC forms require pro forma financial information, ...
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Blog
NACD: Boards Need Strategy to Align Short-Term, Long-Term Goals
A growing concern in governance circles is whether the desire to meet or beat quarterly earnings can be aligned with long-term business strategy. The National Association of Corporate Directors addresses that dilemma in a new report that urges boards to steer management to long-range planning efforts through compensation and incentive ...
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Article
Year-End Audits: Start Prepping for the Pain
As public companies and their external auditors gear up for the year-end audit cycle, it will likely include some familiar, yet still uncomfortable, conversations. Be ready for close looks at internal control over financial reporting, accounting estimates, and related-party transactions. “You can rest assured auditors are going to be really ...
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Article
Advice Rolls In as SEC Disclosure Review Rolls On
Image: Stop us if you’ve heard this before: The SEC is attempting a comprehensive overhaul of its disclosure regime. This time, however, Chairman Mary Jo White may succeed where many of her predecessors failed. The SEC has numerous ideas to reform Regulation S-X, and no shortage of public comments on ...
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Article
As Companies Reorganize Themselves, Compliance Concerns Demand Consideration
Some of the nation’s best-known companies are redefining themselves. Google created a new holding company to spin off its more exotic interests into separate companies; Alcoa is planning to divide into two public companies; Dell and data storage giant EMC are planning to merge. When companies restructure, no matter the ...