International

International Compliance Programs: Think Globally, Act Locally

April 24, 2012

Squaring the need for a single global ethics and compliance program with the diverse range of cultures around the world has never been easy. Monitoring and reporting tools help, but there's no substitute for in-person visits. "All too often compliance teams make themselves unapproachable. You have to avoid that at all costs," says Greg Triguba, principal at Compliance Integrity Solutions.
 

PCAOB Strikes New Regulatory Deal in Japan

October 13, 2011

Audit regulators are making more headway in their efforts to regulate overseas audit firms doing business in the United States, striking a new deal that gives greater access to audit firms in Japan.
 

PCAOB Makes Little Progress on Overseas Inspections

August 05, 2011

The Public Company Accounting Oversight Board has made some progress in negotiating with other countries—including Britain, Switzerland, and China—to complete inspections of overseas audit firms, but it's not having much luck getting those inspections underway. Legal conflicts have delayed nearly all of the inspections planned in 2010 and 2011.
 

Accounting Rules for Foreign Currency Raise Questions

July 19, 2011

As cross-border merger activity picks up and currency exchange rates fluctuate, many companies find that they need to brush up on accounting rules for foreign currency. "You wouldn't think it would cause headaches year after year, but we do see companies that have challenges," says Brian Jobe, a partner with Deloitte & Touche. More inside.
 

Doty Seeks Disclosure, Cooperation on Overseas Work

July 01, 2011

After jolting U.S. markets with talk of new audit reports and mandatory rotation, James Doty, chairman of the Public Company Accounting Oversight Board, says the board will soon consider another proposal that will require auditors to tell public companies how their audit work is parceled out to affiliate firms, including work sent overseas.
 

Regulators Talk Export Control

June 07, 2011

Three regulators at Compliance Week 2011 gave a wide-ranging talk on how companies can manage the complex world of export-control law. It's not easy, Justice Department lawyer Jonathan Poling admitted. "You can't ... just have 'Compliance in Canada' and 'Compliance in North America' and never have those two talking to each other," he said. More insight on compliance strategy directly from regulators inside.
 

Justice Department Targets Foreign Documents in Antitrust Probe

May 17, 2011

Defense attorneys are lashing out over an aggressive new tactic by the Justice Department to retrieve foreign documents by subpoenaing them from law firms that are involved in parallel civil lawsuits—which critics say is an over-reach of the department's subpoena power. The matter has split federal courts and is nearly certain to head to the U.S. Supreme Court. Details inside.
 

Delays and Difficulties Mar the Path to IFRS Adoption

May 03, 2011

A series of delays on accounting convergence projects will complicate the SEC's vow to decide this year whether to adopt International Financial Reporting Standards for U.S. companies. Indications of the SEC's thinking are hard to come by, but prognosticators say adoption won't happen anytime soon—if at all. More details inside.
 

Regulators Cracking Down on Trade Sanction Violations

May 03, 2011

The Office of Foreign Assets Controls is getting aggressive in its enforcement against companies that violate economic and trade sanctions. The agency reeled in $1 billion in penalties from 2009 to 2010. Some companies run afoul of the rules by transacting with sanctioned individuals. "It's really important to know who you're selling to, and who those people are dealing with," says Erich Ferrari, founder of Ferrari Legal.
 

China Passes Anti-Bribery Law

April 12, 2011

At just two lines of text, China's new anti-bribery law is open for interpretation—but it is certain to complicate corporate anti-bribery efforts. "The government is concerned that corrupt officials are besmirching the good name of the Communist party," says Amy Sommers, national China partner for law firm Squire, Sanders & Dempsey.
 

Bribery Act Guidance Retreats, Still Fails to Deliver Clarity

April 05, 2011

The British government has finally given prosecutors the green light to start enforcing the country's tough new Bribery Act starting July 1—and also published eagerly awaited guidance suggesting that the anti-corruption law may not be enforced so toughly. One thing that is clear: Compliance departments looking for clarity are out of luck. Details inside.
 

Libyan Sanctions Give Banks Compliance Headaches

March 22, 2011

After the Obama Administration imposed economic sanctions against Libya, U.S. banks uncovered $32 billion in tainted assets belonging to Libyan officials and the Libyan government. The funds now represent a compliance headache for financial institutions with serious penalties for non-compliance including potential jail time. Details inside.
 

Chinese Reverse Mergers Pose Audit Risk

March 16, 2011

Chinese companies looking to tap into U.S. capital markets are increasingly using reverse mergers with Chinese shell companies. The Public Company Accounting Oversight Board warned U.S. auditors about relying too heavily on China-based firms to do the bulk of the audit work and recently published research on the topic.
 

Securities Enforcement and Litigation Goes Global

February 08, 2011

Countries around the world are now seeing an increase in the level of public and private efforts to enforce securities laws, from anti-corruption laws and insider-trading prosecutions to fledgling efforts to launch investor class-action lawsuits. Inside, Columnist Bruce Carton examines what the trend means for global companies.
 

OECD Attacks U.K. Bribery Delay

February 06, 2011

The Organization for Economic Cooperation and Development has criticized the U.K.'s decision to delay the start date of its long-awaited anti-bribery laws, branding the move "very disappointing."
 

Regulator Warns on Risk Disclosure

February 04, 2011

A corporate reporting regulator has warned U.K.-listed companies to rethink the way they give shareholders information about their main risks and uncertainties.
 

DoJ Assistant Attorney General Warns on FCPA Breaches

November 17, 2010

Concerned about Foreign Corrupt Practices Act compliance? You should be.Detailing a "new era" of FCPA enforcement, a top Justice Department official said those worried about more aggressive anti-bribery enforcement "are right to be more concerned.""Our FCPA enforcement is stronger than it's ever been - and getting stronger," Assistant Attorney General...
 

An Expensive Lesson on FCPA Compliance

November 16, 2010

Compliance officers looking for the latest guidance on the Foreign Corrupt Practices Act might want to read a sweeping joint settlement reached earlier this month—which was bad news for the six companies involved, but drops plenty of strong hints about what the Justice Department wants to see in an FCPA compliance program.
 

Survey Spotlights Corruption in Globalized Legal Profession

November 09, 2010

A new survey has found widespread corruption in the legal profession around the world and serves as a stark reminder to companies about the potential risks posed by outside advisers.
 

SEC Seeking Comment for Study on F-Cubed Lawsuits

November 04, 2010

The Securities and Exchange Commission is seeking public comment to help it carry out its Dodd-Frank Act mandated study of whether to allow private plaintiffs the right to bring actions involving transnational securities frauds.In a June decision in Morrison v. National Australia Bank, the Supreme Court significantly limited the extraterritorial...
 

Poll: U.S. Companies Not Moving to IFRS Without Mandate

November 01, 2010

Most companies say they could be ready for a move to International Financial Reporting Standards, but won't switch until mandated, even if early adoption is allowed, a survey of accounting and financial reporting executives by KPMG and Financial Executives International shows.Among more than 900 FEI and KPMG IFRS Institute members...
 

Podcast: Compliance With U.K. Bribery Act

October 22, 2010

Ryan McConnell, former federal prosecutor and now of counsel at law firm Haynes Boone, talks about adequate compliance procedures for the new U.K. Bribery Act.
 

IRS Seeks Input on Foreign Withholding Rules

October 19, 2010

Multinational corporations with foreign operations are facing new tax compliance headaches, thanks to the Internal Revenue Service and the Department of Treasury pursuing offshore accounts they suspect are hiding from U.S. taxes.
 

Guidance on Bribery Act Still Disappoints

October 12, 2010

The British government has begun to provide specific guidance on how companies can avoid prosecution under the country’s tough new anti-bribery laws, but it will be little comfort to compliance executives—especially those at U.S. companies, still unclear when they might face prosecution.
 

One Way Around an Onerous China Tax Law? Ignore it

September 28, 2010

Chinese tax authorities surprised Western companies last December with a new tax law aimed squarely at a standard legal mechanism to do business in China, the offshore holding company.
 

PCAOB Begins Negotiations With European Regulators

September 24, 2010

Now that Congress and the European Union have removed a big obstacle to international audit inspections, the Public Company Accounting Oversight Board is trying to forge some new relationships with its counterparts overseas to get back on track.PCAOB spokesman Colleen Brennan said the board is beginning to negotiate with various...
 

SEC Staff Seeks Comments on the Impact of IFRS Adoption

August 19, 2010

The staff of the Securities and Exchange Commission is seeking public comment on dozens of questions as part of its Work Plan on the possible adoption of International Financial Reporting Standards for U.S. issuers.The agency issued the requests for comment in two separate releases dated Aug. 12. Comments on both...
 

The Perils of Good Labor Standards in China

August 03, 2010

Labor standards in China have re-emerged as a concern for global corporations this summer, after a series of worker suicides this year at a sprawling electronics manufacturer that counts Apple, Dell, Hewlett-Packard, and many other Western companies among its customers.
 

PCAOB Questions U.S. Audits for China-Based Companies

July 13, 2010

The Public Company Accounting Oversight Board is warning auditors they need to do more than slap a U.S. opinion on an overseas audit report if they want to remain in the good graces of audit regulators.The PCAOB published a staff audit practice alert based on something disturbing noticed lately while...
 

U.K. Enforcement Agencies Brace for Shake-Up

June 29, 2010

Britain’s new coalition government is pushing ahead with its promise to dismantle the country’s Financial Services Authority and create a new agency to fight white-collar crime. But already concerns are emerging that the move could stall enforcement efforts, especially against insider trading.
 

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Deloitte is conducting their annual Look Before You Leap: Managing Risks in Global Investments survey to better understand the approaches companies are taking to address compliance and integrity-related risks in emerging markets. 

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