All Compliance Week articles in Web Issue – Page 684
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Blog
SEC Issues Wells Notice to Magnum Hunter
Magnum Hunter Resources has received a Wells Notice for potential material weaknesses in the company’s internal control over financial reporting. The oil and gas producer said it intends to respond in the form of a Wells submission, setting forth why it believes an enforcement action against it is not warranted. ...
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Blog
Second Circuit Denies DOJ Petition for Rehearing in Newman Case
Today, in a ruling that may have significant consequences, the Second Circuit rejected the DOJ's petition for a rehearing in the landmark U.S. v. Newman insider trading case. The DOJ filed a "Petition for Panel Rehearing and Rehearing En Banc" in the Newman case on January 23, which was supported ...
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Blog
HSBC Disciplines U.S. Executive Over Compliance Attitude
HSBC has decided to reassign the Americas head of its global banking division because of the manager’s poor attitude about the bank’s compliance and audit program, according to an update from its compliance monitor. The report cited that move as one example of HSBC’s improvement on compliance, while still warning ...
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Blog
NopSec: New Feature Prioritizes and Remediates High-Risk Threats
NopSec, a provider of vulnerability remediation solutions powered by advanced machine learning technology, has released version 3.4.7 of its Unified VRM platform. The platform empowers organizations to quickly find the vulnerabilities that present the most risk, focus on top threats, and fix potential exploitations through an integrated remediation workflow.
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Blog
Sovos Compliance and ShipCompliant Combine
Sovos Compliance, a tax compliance and reporting provider, has acquired Boulder-based ShipCompliant, a compliance and tax solution provider for the beverage alcohol market.
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Blog
Celgene Names General Counsel, Corporate Secretary
Pharmaceutical company Celgene has appointed Gerald Masoudi as general counsel and corporate secretary, effective June 1. He will succeed Lawrence Stein, who is retiring after serving as general counsel and corporate secretary since 2012
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Blog
Workiva Adds New Feature to Wdesk for Sarbanes-Oxley Compliance
Workiva, creator of the Wdesk cloud-based productivity platform for business data collaboration and reporting, this week introduced a new feature called Evidence Management for Wdesk that significantly improves how companies document and test their internal controls over financial reporting required by the Sarbanes-Oxley Act. Details inside.
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Blog
Seaboard Names Chief Accounting Officer
Seaboard, a global, food, and engery transportation company, has appointed Michael Trollinger as corporate controller and chief accounting officer effective as of March 31, the company announced this week in a Form 8-K filing. Details inside.
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Resource
e-Book: The Evolving Role of Internal Audit
Corporations have seen an explosion in the number, type, and complexity of risks facing them today. Internal auditors are crucial players helping companies to manage those risks, which means the complexity of their role has exploded in the last decade, too. This e-Book, produced by Compliance Week in cooperation with ...
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Blog
PCAOB Routs Nevada Firm Where Beckstead Landed
The PCAOB has thrown the book at a small Nevada audit firm for a long list of audit violations, including a suspension for Brad Beckstead, former partner with Beckstead and Watts. Beckstead challenged audit inspections and the existence of the PCAOB before the U.S. Supreme Court, which has created uncertainty ...
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News Brief
SEC Brings First Action on Whistleblower ‘Pre-taliation’
The SEC has filed its first enforcement action against a company for what the agency has previously labeled “pre-taliation”—using confidentiality agreements or other agreements to potentially stifle the whistleblowing process. The company in question was KBR, which will pay $130,000 in penalties. See inside for more details.
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Blog
Council of Institutional Investors Elects New Board, Names New Chair
The Council of Institutional Investors this week elected a new board of directors and named Michael McCauley, senior officer of investment programs and governance at the Florida State Board of Administration, as chair of the board. Details inside.
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Blog
Accounting-Related Class-Action Lawsuits Jump in 2014
Image: A Cornerstone Research report says securities class-action filings involving allegations of accounting improprieties jumped sharply from 47 in 2013 to 69 in 2014. Senior adviser Laura Simmons said Cornerstone expected the SEC’s increased focus on financial reporting issues might lead to an increase in class actions with these issues. ...
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Blog
Pension Funds Ask SEC for Board Diversity Rule
A coalition of state treasurers and pension funds has petitioned the SEC for new disclosure requirements on board diversity. They want a new rule that adds gender, racial, and ethnic diversity data to current disclosures dictated by Regulation S-K, which only requires companies to identify the minimum skills, experiences, and ...
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Resource
Are CAE and audit committee priorities in sync?
The results are in—and the 2015 Governance, Risk and Compliance Survey suggests there are competing priorities between chief audit executives (CAEs) and audit committees.There’s a disconnect between audit committee members and CAEs when prioritizing audit risks. Audit committee members rate financial and compliance highly, while CAEs focus on compliance and ...
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Blog
EU Antitrust Regulators Focus on e-Commerce
Image: The European Union is looking into the possible breach of antitrust laws in e-commerce practices. The inquiry may lead to enforcement actions against companies that restrict online sales and “abuse” their dominant position in the market. Margrethe Vestager, the EU’s antitrust chief, said that although the investigation will produce ...
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Blog
FASB Votes for One-Year Deferral on Revenue Recognition
Image: FASB will propose a one-year delay in the effective date of its new revenue recognition standard, while allowing adoption of the original effective date for companies ready to move forward. FASB member Daryl Buck, though initially skeptical of a delay, said, “It would be very difficult to expect [media ...
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Blog
Bank of England and ECB Reach Deal on Financial Stability
The Bank of England and the European Central Bank have ended a four-year saga over the City of London’s clearinghouses, which required that these offices be near the Eurozone so they can be easily monitored in the event of an emergency. Under the agreement the BoE will provide the ECB ...
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Blog
Century Aluminum Appoints Chief Accounting Officer
Century Aluminum, a producer of primary aluminum, has hired Stephen Heyroth as controller and chief accounting officer.
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Blog
Sustainability Group Issues Standards for Resource Transformation Sector
The Sustainability Accounting Standards Board issued its latest set of standards, this time for companies in the resource transformation sector to help them improve disclosure of environmental, social, and governance risks. The standards represent the seventh set in a planned industry-focused series of sustainability standards. Details inside.