All Compliance Week articles in Web Issue – Page 686
-
Event
Northern Annual Legal Update for In-house Counsel Conference 2015
LondonLondon 11111United Kingdom
-
Blog
Caldwell Clarifies Application of the Yates Memo
During remarks at a recent conference in New York, Assistant Attorney General Leslie Caldwell offered some additional insight to companies on the Yates Memo regarding individual accountability for corporate wrongdoing. “We will make efforts to credit, not penalize, diligent investigations,” she said. More of her comments are inside.
-
Blog
McGladrey Backslides in Latest PCAOB Inspection
Of inspections performed in 2014 on McGladrey’s 2013 financial statements, the PCAOB found that seven of the 15 audits failed to meet auditing standards. One particularly problematic audit for McGladrey involving failures in auditing inventory led to six separate violations of auditing standards. The majority of audit mistakes occurred in ...
-
Blog
Endurance Names New Chief Risk Officer
Endurance Specialty Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that Christopher Gallagher will assume the position of chief risk officer and group actuary. Gallagher will transition responsibility for the company's corporate risk management function from Joan deLemps, who announced her intention to retire from ...
-
Blog
Financial Instruments Rule May Challenge Banks
Image: Danièle Nouy, supervisory chief of the European Central Bank, spoke recently about a new accounting standard for financial instruments that may prove challenging to the banking sector. “The completion of this accounting standard as one of the responses to the financial crisis will bring major changes and challenges to ...
-
Blog
French Data Regulator Rejects Google’s ‘Right To Be Forgotten’ Appeal
Big news this week from France as the Commission Nationale de I’Informatique et des Libertes (CNIL) rejected Google’s appeal against the enforcement of “right to be forgotten.” If Google fails to comply with CNIL’s order, the company may be hit with sanctions, including a €300,000 fine, which could increase to ...
-
Blog
Coming Soon: 'The Big Short' Movie to be Released Dec. 2015
'The Big Short,' a film based on the best-selling book by Michael Lewis about traders who foresaw and profited massively on the collapse of the housing and subprime credit market in 2007-08, will open nationwide on December 23. Check out the trailer and details about the film's star-studded cast here.
-
Blog
SEC Proposes New Rules for Mutual Funds, ETFs
The SEC has proposed a slate of rules intended to enhance effective liquidity risk management by mutual and exchange-traded funds. Among the requirements is a requirement for a board-approved liquidity risk management program. The Commission would also allow “swing pricing,” reflecting costs associated with shareholders’ trading activity in a fund’s ...
-
Blog
Compliance and Ethics Sputters at Volkswagen
Image: This week, anti-corruption blogger Tom Fox takes a closer look at the scandal involving Volkswagen and its diesel engine cars, intentionally designed to cheat emission standard testing through software nicknamed “defeat devices.” The world’s biggest carmaker admitted to U.S. watchdogs that it deliberately rigged computers in its cars ...
-
Article
Appellate Court Ruling Leaves Compliance Officers Whistling in the Dark
Image: The recent appellate court ruling to expand Dodd-Frank whistleblower protections again, even to those who don’t report misconduct to the SEC, does no favors for companies trying to find the right policies for anti-retaliation. Ken Gage, head of the whistleblower defense practice at law firm Paul Hastings, says the ...
-
Article
Managing Cyber-Risk in the Aviation Industry
Cyber-risks are increasing everywhere, and this week we look specifically at the aerospace sector. Recent high-profile data breaches at major airlines have jolted the industry, which is trying to piece together better ways to manage the risks. “Airplanes themselves have never been more complex, never been more reliant on technology. ...
-
Blog
NexBank Appoints General Counsel
NexBank Capital, a fully-integrated financial services company, has appointed Dierk Hohman as general counsel of NexBank Capital, Inc. and NexBank SSB. Hohman brings 15 years of experience in law and finance and will oversee all legal, regulatory and compliance matters for the company. Details inside.
-
Article
Today’s Revenue Rule Surprise: Non-Financial Assets
Image: Companies are starting to awaken to yet another wrinkle in the new revenue recognition standard: how it will affect the sale of non-financial assets, such as when you sell off an old property or intangible asset. “If you’re not in the real estate business, you don’t think of the ...
-
Blog
Adventist Health to Pay $115 Million for False Claims Act Violations
Adventist Health System, a non-profit healthcare organization that operates hospitals and other health care facilities in 10 states, this week agreed to pay $115 million to the government to resolve allegations that it violated the False Claims Act by maintaining improper compensation arrangements with referring physicians and by miscoding claims. ...
-
Blog
A Focus on Transparency—of Auditing
Expect lots of talk about transparency into auditing this fall. The SEC and PCAOB both have proposals to expand the disclosure to investors of how audits work, and what roles audit firms and audit committees play. Substantive changes are almost certainly coming, columnist Scott Taub says, so it’s time to ...
-
Blog
Managing Outside Counsel: How Internal Audit Can Assist
Litigation and compliance risk brings something else beyond headaches: legal fees. The internal audit team can help there, even with tricky tasks such as monitoring the performance of outside counsel while they conduct an investigation. Inside, columnist Jose Tabuena offers recommendations on benchmarking what internal audit can do, analytics to ...
-
Article
Calls for More Data Sharing to Step Up Terrorism Fight
Washington wants Corporate America to step up its attention to terrorism risk. That was the message at a recent congressional hearing, the latest instance of voices saying business and government should cooperate to uncover terrorists’ sophisticated financing schemes. “Most of the early warning signs reside with the private sector, and ...
-
Article
Navigating Global Internal Investigations Under Main Justice’s New Policy
Image: The Justice Department’s new Yates Memo, demanding much more cooperation from companies to find individual wrongdoers, will pressure companies to pressure employees during internal investigations. In Europe and elsewhere, however, the law favors employees much more than in the United States, making global investigations a tall order. “Most developed ...
-
Blog
SEC Frets Over Split in Revenue Recognition Adoption Efforts
Image: Looking for consistency in application of the new revenue recognition standard, SEC Deputy Chief Accountant Wesley Bricker said companies need to do their homework and apply appropriate professional judgment. Bricker called on companies to move forward with implementation efforts “without delay” by understanding the key principles of the new ...