All Accounting & Auditing articles – Page 5
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FCPA violations in China: Lessons learned from 2023 cases
Enforcement actions regarding alleged violations of the Foreign Corrupt Practices Act at 3M, Albemarle, Clear Channel Outdoor, and Royal Philips each had China touchpoints. Experts assess third-party risk management lessons learned from each case.
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News Brief
ADM puts CFO on leave pending accounting probe
Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission.
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News Brief
FRC ups board responsibilities in corporate governance code revisions
The Financial Reporting Council held back on the latest round of updates to the U.K.’s corporate governance code, as the country remains wary of pushing away businesses and investors.
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Stiffer U.K. audit penalties posing more problems?
Legal experts are unconvinced record fines against audit firms imposed last year by the U.K. Financial Reporting Council will necessarily improve audit quality.
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Mixed reactions to new U.K. pensions code of practice
Lawyers and accountants in the United Kingdom have welcomed the publication of The Pensions Regulator’s new pensions code of practice but warned it might not improve the management of those that are not already well run.
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U.K. push for more listings to lower bar on governance?
Moves by the U.K.’s financial regulatory body to encourage companies to list in London might fail to deliver or send mixed messages about the value placed on corporate governance, according to experts.
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Blog
PCAOB announces general counsel
The Public Company Accounting Oversight Board announced the appointment of James Cappoli as general counsel.
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News Brief
SAP to pay $220M in FCPA settlements
German-based software company SAP agreed to pay more than $220 million as part of resolutions with authorities in the United States and South Africa regarding alleged violations of the Foreign Corrupt Practices Act.
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Opinion
Ten things I’d like to see happen in 2024
Election years in the United States, United Kingdom, and at European Parliament, along with ongoing geopolitical tensions, make 2024 difficult to predict—aside from the expectation compliance officers will be busy.
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News Brief
SEC fines UAE-based Brooge Energy $5M in fraud case
Brooge Energy agreed to pay $5 million in a settlement with the Securities and Exchange Commission resolving fraud charges related to a scheme to inflate revenues.
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News Brief
FRC drops investigation into PwC’s Intu Properties audits
The U.K. Financial Reporting Council announced it closed its investigation into Big Four firm PwC’s audit work at collapsed real estate investment trust Intu Properties.
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ARGA future questioned as U.K. audit reform hits backburner
The U.K. Financial Reporting Council’s long-planned transition to become the Audit, Reporting and Governance Authority appears to be taking place no time soon, leading some to question whether the change will happen at all.
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Webcast
Webcast: Application security and controls: Avoiding the resurgence of material weaknesses
We’ll discuss real-life examples of companies who have implemented technologies and techniques to monitor internal controls, increase control testing accuracy, boost security role precision, reduce the cost of compliance, improve ERP operational effectiveness, or recover from a material weakness.
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Surveys: Finance, legal execs share concerns around AI use
Finance executives and general counsel alike say their firms and leadership teams are unprepared for the risks and benefits of artificial intelligence, according to two recent surveys.
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Blog
PwC Australia announces new general counsel
Accounting firm PwC Australia announced the appointment of Kylie Gray as general counsel.
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News Brief
Mallinckrodt dodges $40M SEC penalty in disclosure violation case
Pharmaceutical company Mallinckrodt, fresh out of its second bankruptcy, was spared having to pay a $40 million penalty levied by the Securities and Exchange Commission for alleged disclosure and accounting failures related to its underpaying of Medicaid rebates.
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News Brief
China-based PwC affiliates fined $7M in historic PCAOB actions
The Public Company Accounting Oversight Board imposed $7 million in total penalties against two PwC affiliates under its first settlements with mainland Chinese and Hong Kong firms since the passage of the Holding Foreign Companies Accountable Act.
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More companies enter ‘discovery phase’ of ESG reporting in 2023
Climate-related disclosure efforts are amplifying year over year, despite persistent and persnickety pain points, as more organizations widen the scope of their ESG journeys, our “Inside the Mind of the CCO” survey found.
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News Brief
Rio Tinto to pay $28M in SEC fraud case
Rio Tinto consented to pay a $28 million fine to resolve charges levied by the Securities and Exchange Commission alleging the mining company and its executives committed fraud by inflating the value of coal assets.
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News Brief
KPMG Japan fined $500K over journal entry quality controls
The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.