All Compliance Week articles in Web Issue – Page 704
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Podcast
Podcast: The Increasing Demands on Healthcare Compliance
The U.S. Department of Justice and Department of Health and Human Services continue to signal a focus on healthcare fraud and compliance lapses. On a more helpful note, the American Health Lawyers Association, HHS' Office of Inspector General, and the Health Care Compliance Association recently collaborated on guidance for healthcare ...
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Blog
Czech Bankers Concerned About New EU Rules
Czech bankers are worried about new European rules that may pose systemic risks to countries across Europe. The legislation, which is currently being reviewed by the European Commission will cause big depositors and bondholders, instead of national regulators, to incur more losses. Bankers are worried that this could lead ...
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Blog
Restructuring the Bank of England: More Transparency
Image: In a recent consultation paper, Britain’s Finance Minister George Osborne unveiled his plans to restructure the Bank of England’s regulatory system. Among his initiatives, the National Audit Office will provide more transparency to the central bank, while the Prudential Regulation Authority will no longer operate as a subsidiary and ...
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Blog
Trimble Navigation Selects MetricStream for SOX and Conflict Minerals Compliance
Trimble Navigation, a maker of GPS and survey equipment, has selected MetricStream SOX Compliance Management App to strengthen internal controls, as well as ensure compliance with all SOX compliance requirements. It also has selected its Conflict Minerals Management App to streamline their conflict minerals program and reporting requirements. Details inside.
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Blog
PwC Shows Small Improvement in Latest Inspection Report
The Public Company Accounting Oversight Board found fault with 29 percent of the 58 audits inspected at PwC in 2014, a slight improvement over the 32 percent reported in 2013. The PCAOB says out of 17 of the flagged audits, nine contained problems with both the financial statement audit and ...
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Blog
Rotation May Hinder Audit Quality, Study Says
A new study from the American Accounting Association suggests rotating auditors may not be such a good idea, especially as regulators are getting tough on auditors to show more skepticism. “Rotating auditors, aware that they will not be in a long-term relationship, will ... likely perceive themselves to be less ...
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Article
Firms Prepare for Heightened AML, Due Diligence Expectations
Expect an even greater focus on anti-money laundering efforts in upcoming examinations by the SEC and Financial Industry Regulatory Authority. That was the message from speakers at a “Compliance Outreach Program” the Securities and Exchange Commission hosted for financial firms last week. What’s more: New Treasury Department rules that could ...
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Article
Extra Year on Revenue Standard Means More Time to Sweat
Image: Don’t let your accounting department get too excited with that additional year FASB has granted to adopt the new standard for revenue recognition. Experts helping companies’ implementation efforts say that extra time is much needed, with plenty of questions about the standard remaining unanswered. And don’t forget, “half of ...
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Blog
Primary Residential Mortgage Names Chief Compliance Officer
Primary Residential Mortgage, a residential mortgage lender, has named Burton Embry as chief compliance officer. In this capacity, he is responsible for the company’s risk, regulatory, and compliance management programs. Details inside.
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Article
Taming Vendor Risks Continues to Flummox Compliance Programs
Image: Vendor risks driving you crazy? Well, you are not alone. In a recent survey compliance and audit professionals gave their vendor risk management programs an overall score of only 2.8 on a 1 to 5 scale. Thankfully, corporate boardrooms are paying more attention now. “It’s risen to a level ...
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Article
Distilling Lessons From Recent Sanctions Cases
The Justice Department clearly is prosecuting more companies for sanctions or export control violations: 15 enforcement actions since 2010, compared to only three in the prior three years. Inside, we’ve sifted out themes arising from those settlements to understand more about what factors regulators weigh when resolving charges and how ...
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Article
Product Safety Recalls Create New Breed of Compliance Concerns
Image: Automakers, airbag manufacturers, and even ice cream companies have suffered regulatory wrath over product safety concerns and inadequate recall procedures. Those in the crosshairs, especially if the Consumer Product Safety Commission is involved, are finding that their missteps can come with hefty fines and rigid compliance demands. “Companies that ...
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Resource
A Set of Best Practices for Targeting, Aligning, and Measuring Learning
Learning expectations have never been higher. Changes in the global marketplace and workforce demographics are accentuating the need to leverage human capital as a competitive differentiator. Companies that can nimbly adapt to industry shifts are realizing greater market share and increased competitive advantage. Instead of regarding training investments as a ...
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Blog
Fed Hands Big Banks New Risk-Based Capital Surcharges
The Board of Governors of the Federal Reserve has issued a final rule that establishes risk-based capital surcharges for financial institutions designated as “global systemically important bank holding companies.” JPMorgan was handed the largest surcharge among the nation’s eight largest banks, 4.5 percent of its risk-weighted assets. More inside.
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Blog
Domino's Names New Board Member
Fast-food chain Domino's has named Andy Ballard to its board of directors, effective as of July 15. Details inside.
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Blog
IMAX Names New Board Member
IMAX, a provider of entertainment technology, has appointed Dana Settle to its board of directors. She fills a vacancy on the company's board. Details inside.
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Blog
Legislation Seeks Curbs on Regulatory 'Revolving Door'
Newly proposed legislation, the Financial Services Conflict of Interest Act addresses the so-called “revolving door” that results when regulators draw talent from the private sector and those officials and staffers ultimately return to regulated entities after leaving an agency. To address perceived conflicts of interest, the bill would require ...
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Blog
Hertz Restatement Reveals Depth of Control Issues
Image: As Hertz investigated a handful of accounting anomalies that would lead to restatement, the list of accounting and internal control problems ballooned considerably—but that’s all in the past. The company has updated its SEC filings, correcting accounting errors dating back to 2011. “Today’s filings are an important step forward, ...
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Blog
Bryn Mawr Bank Names Interim Chief Accounting Officer
Bryn Mawr Bank, parent of The Bryn Mawr Trust Company, has appointed Marie Connolly as interim chief accounting officer. The company also announced the appointment of David Takats as interim chief financial officer, assuming the role from former CFO and Treasurer J. Duncan Smith, who has announced his resignation ...
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Blog
Louis Berger International to Pay $17.5 Million for FCPA Violations
U.S.-based construction management company Louis Berger International has reached a $17.1 million settlement with the Department of Justice to resolve charges that it violated the Foreign Corrupt Practices Act when it bribed foreign officials in Asia to secure government construction management contracts. Two of the company’s former executives also ...