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Join the integrated reporting movement The Integrated Reporting Movement, by Robert Eccles, Michael Krzus, and Sydney Ribot, discusses the evolution of integrated reporting and then reviews the challenges for codification and institutionalization of practices. Click here to access, compliments of Workiva.
As companies strive to keep investigations internal, rather than risk high-profile regulatory intervention, improving the hotlines they use to solicit employee tips and concerns is crucial. Using metrics and industry benchmarks can help, but measuring the effectiveness of internal whistleblower efforts may be the hardest part. Some tips and trends on hotline metrics are inside.
In its full glory, corporate compliance is a complex subject. Compliance Week does its best to provide subscribers with timely, concise looks at news in this field to help you understand how you can build and manage a better compliance program, but let’s be honest—sometimes you need an even deeper dive. Compliance Week now provides even that deeper dive, too. Editor Matt Kelly has more on our new offering inside.
As companies begin preparing for the year-end close, audit experts are warning them to take these final months of the year to check documentation. The Public Company Accounting Oversight Board is pressuring audit firms to scrutinize internal controls and other areas, and that scrutiny is likely to trickle down to issuers. “The big focus this year is more on internal control,” says Pat Durbin, a partner with PwC.
The Securities and Exchange Commission brought a record-breaking number of enforcement actions in fiscal year 2014, including several against compliance and audit executives. That should come as no surprise: Enforcement Director Andrew Ceresney (pictured above) warned last spring that the SEC wouldn’t hesitate to pursue executives, including compliance professionals, when they fail to act appropriately to stop fraud. More SEC enforcement trends inside.
Financial firms worried about an enforcement action from the Consumer Financial Protection Bureau may soon get a reprieve. The agency has proposed a no-action letter policy that would let financial firms test the regulatory waters before they roll out new financial products. The application process, however, requires much disclosure for limited protections, lawyers say. “The required product-level information is very detailed,” says Donald Lampe of law firm Morrison & Foerster.
Last month Apple plunged into the world of payment processing with its Apple Pay service that allows its mobile devices to make payments at retailers. Rivals Google, Microsoft, and Facebook have already dabbled in the market that includes Pay Pal and several others. These disruptive technologies may prompt regulators to re-evaluate how they approach oversight of the burgeoning mobile payment processing industry. More inside.
Most companies maintain several systems within their procurement and accounts payable functions, especially if they have grown through acquisition. But several systems can create risks, including low supplier visibility. Fewer systems can help, but it’s not a cure-all. Many companies find they need to take steps to reduce the risks of working across multiple systems. More inside.
The Securities and Exchange Commission, the Financial Accounting Standards Board, and the Public Company Accounting Oversight Board have several formal and informal channels to compare notes and exchange ideas. Still, some wonder if a forum to discuss the reporting system as a whole and the long-term health of that system is needed. Inside, columnist Robert Herz looks at the push behind such a forum and one attempt to get it off the ground.