e-Book: Talking to the Cloud: Managing Risks and Improving Data Security
This e-Book on cloud security offers various articles regarding the ease and advantages the cloud affords and ways to improve security in response to the rise of cloud computing. Also included is the Proofpoint white paper, "What Every Enterprise Should Know About the Cloud."
Click here to learn more.

Latest News

Obama Nominates Two Senate Staffers to Serve as SEC Members

President Obama has nominated Kara Stein, an aide to Senator Jack Reed, and Michael Piwowar, chief Republican economist for the Senate Banking Committee, to serve on the Securities and Exchange Commission. Stein would replace Elisse Walter as a Democratic appointee; Piwowar would step into the expiring term of Republican Troy Paredes. More inside.
 

PCAOB Airs Concerns on E&Y Quality Controls From 2010

Ernst & Young has failed to live up to the quality control expectations of the Public Company Accounting Oversight Board, prompting the board to lay bare the full details of unflattering findings that were originally kept out of a 2010 inspection report. Inspectors noted a troubling number of instances where auditors failed to push back on management estimates. More details inside.
 

ISS Settles Charges With the SEC Over Voting Information Leak

Proxy adviser Institutional Shareholder Services has agreed to a $300,000 settlement with the Securities and Exchange Commission over charges that a former employee traded confidential proxy voting information for sports tickets and other perks. ISS also agreed to register with the SEC as an investment adviser and retain an independent compliance consultant.
 

Leading Through Tough Times

Drawing comparisons between his life during wartime and the issues executives, boards, and compliance officers face, Retired Major General Lewis MacKenzie provided insights on overcoming communication and trust challenges at the Compliance Week 2013 conference in Washington D.C. this week.
 

Regulators Provide Insights
on FCPA Guidance at CW 2013

Armed with government guidance on the Foreign Corrupt Practices Act that was released late last year, compliance officers would do well to stress the business benefits their due diligence efforts can provide, two architects of that guidance said this week at the Compliance Week 2013 conference in Washington D.C.
 

Making Compliance Evolvable

Since the pace of change for most businesses is quickening, they need to be better than ever at adjusting to a fluctuating environment. For compliance that means structuring a program that is consistent, yet adaptable to evolving laws, regulations, markets, and third-party relationships. Inside, coverage of Compliance Week 2013 conference on breaking down silos and building up enterprise compliance.
 

SEC Approves 2013 XBRL Tags

The Securities and Exchange Commission has approved the 2013 U.S. GAAP Financial Reporting Taxonomy, giving companies the green light to rely on it for use in preparing and submitting their financial statements in XBRL. While the changes are minor, the SEC says it is important for companies to assure that their XBRL filings reflect the latest taxonomy.
 

More Companies Expected
to Pursue Short-Term Leases

Analysts are predicting that companies will begin engaging in short-term leases or service agreements as accounting standard setters get closer to finalizing new rules for how to account for leases. The latest proposal from the Financial Accounting Standards Board might cause companies to shift their current leasing practices as a way to minimize the flood of assets and liabilities that will rush on to corporate balance sheets under the rules.
 

So Far, SEC Holds Silent
on Updated COSO Framework

Controllers and auditors may be abuzz about the new COSO internal control framework, but so far the Securities and Exchange Commission is silent on whether it will require public companies to use the framework as part of their SOX compliance programs. Marie Hollein, head of Financial Executives International, did say at Compliance Week 2013 that the agency was heavily involved in crafting the framework since the start.
 

In-Depth Coverage

Updated COSO Framework to Spark Internal Control Review

Now that COSO has completed the update of its widely used internal control framework, it's time for companies to determine where control changes might be in order. The good news is that the framework keeps the five core principles, but it also adds 17 new underlying principles that will likely require additional documentation. "Now you need to go one level below," says Christian Peo, a partner with KPMG.
 

After Three Years, Why Are Some Still Losing Say-on-Pay Votes?

While many companies have revamped pay plans to pass muster with shareholders, plenty are still failing say-on-pay votes this proxy season, including Navistar International, Comstock Resources, Stillwater Mining, and many others. "Now that we are in the third year of say-on-pay, why are some companies still failing?" asks Brian Sohmers, a general manager at Equilar's. The answer has as much to do with performance as it does with pay. Details inside.
 

Compliance Budgets Rising for Banks as Regulations Multiply

The onslaught of new regulations for financial institutions continues to make life difficult for compliance officers at financial services firms. In response, banks and insurers are increasing their compliance budgets, according to a survey by Thompson Reuters. Still many report the added resources aren't enough. "There's so much going on. It's the 'bombs bursting in air' kind of thing," says Richard Riese, senior vice president at the American Bankers Association Center for Regulatory Compliance.
 

EU Set to Adopt More Stringent, Wider Data Privacy Regulation

The European Parliament is working on a final proposal that would make the European Union's already stringent data privacy laws even tougher for businesses and would cast a wider net, requiring many U.S. companies to comply with European data protection regulation for the first time. The new laws, if passed, would require companies to report serious data breaches to regulators as soon as possible, meaning within 24 hours if feasible. More details inside.
 

Healthcare Companies Struggling Still on Sunshine Act Compliance

Drug companies and medical equipment makers are facing dark days ahead as they struggle with the cost, complexity, and even legal risks associated with the Sunshine Act. The Centers for Medicare & Medicaid Services estimate the total cost for Sunshine Act compliance will hit $269 million in year one and $180 million each year going forward. Manufacturers are "struggling to get their systems in place," says Michaeline Daboul, CEO of MMIS, a healthcare software provider.
 

Columnists

Why the Current Proposal on Loan-Loss Accounting Is Flawed

Late last year the Financial Accounting Standards Board issued its second proposal on accounting for loan losses, which would require companies to recognize all expected losses for every financial instrument not carried at fair value. Inside, Columnist Scott Taub provides his take on the proposal, which he says would abandon the long-established idea of recording things as they occur, not before or after, and he examines some solutions for the current problems of loan-loss accounting.
 

Does It Pay to Be Ethical?

For awhile, the idea that ethics was an integral part of business was grounded in the thinking that it was a defense against reputational risk or that it was simply the right thing to do. More recently, though, another notion has come to the fore: that it actually pays to be ethical. Inside, Columnist Richard Steinberg looks over the evidence—anecdotal and empirical—that good behavior is good for the bottom line.
 

Instant Access

Unbiased and independent, Compliance Week combines expert commentary and analysis, rigorous news gathering and market-leading events to help companies comply with complex global standards more efficiently and effectively. Enjoy a host of benefits, including unlimited online access, CPE credits and event discounts. Sign up for a free trial today!