Articles | Compliance Week – Page 195
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ArticleFacebook, Libra questioned by global data leaders
Data privacy leaders from the United States, United Kingdom, European Union, and Canada are among a group to come together and voice their concerns over Facebook’s planned venture into the cryptocurrency space with Libra.
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ArticleSwiss bank ignores compliance officer; pays $10.7M for tax evasion
A Swiss-based private bank reached a $10.7 million settlement and entered into a non-prosecution agreement with the U.S. Department of Justice for committing tax evasion after recommendations made by its compliance officer went ignored.
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ArticleDeloitte names, describes two CAMs at Microsoft
Among the first to disclose critical audit matters, Microsoft’s auditor, Deloitte, identifies revenue recognition and uncertain tax positions as CAMs.
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ArticleInvestigation widens into how Sealed Air selected its audit firm
Packaging company Sealed Air, currently under investigation by the SEC, has received a grand jury subpoena from the U.S. Attorney’s Office for the Western District of North Carolina and faces a related investigation by the DOJ.
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ArticleFraud in non-GAAP: DOJ, SEC pursue parallel charges
The U.S. Department of Justice and the Securities and Exchange Commission are pursuing fraud charges over manipulation of a non-GAAP metric at a publicly traded real estate investment trust.
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ArticleSEC Cyber Unit chief steps down
Robert Cohen, the SEC’s first Cyber Unit chief, has stepped down after 15 years of service. Get a glimpse of several groundbreaking investigations headed up by Cohen.
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New legislation would criminalize extortion by foreign officials
The Justice Department might get some new powers under legislation proposed by the U.S. House of Representatives that criminalizes extortion by foreign officials.
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ArticleHouse considers creating PCAOB whistleblower program
The House is considering a bill that would give the PCAOB a whistleblower system under Sarbanes-Oxley like the one operated by the SEC.
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Chief compliance officer liability and the opioid epidemic
In a period of three months, two chief compliance officers have been charged for their individual roles in the opioid epidemic—a clear indication the Department of Justice continues to expand the scope of prosecutions to those who fail in their compliance responsibilities.
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ArticleCisco’s $8.6M settlement for security flaws has broader ramifications
Cisco has reached an $8.6 million settlement for knowingly selling video surveillance software with critical security vulnerabilities. It’s believed to be the first cyber-security whistleblower case of its kind successfully litigated under the False Claims Act.
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Applied Materials appoints new board member
Applied Materials has appointed Yvonne McGill, currently chief financial officer and senior vice president of the Infrastructure Solutions Group at Dell Technologies, to serve on its board of directors.
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Visa appoints chief risk officer
Visa has appointed Paul Fabara as chief risk officer. Fabara takes over from Ellen Richey, who recently retired after more than 11 years with the company.
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ArticleFASB allows optionality in certain lease receivables
FASB has issued new lease accounting guidance allowing options for how to reflect uncertain operating lease receivables, which is sure to produce reporting differences.
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Steele acquires Osprey Compliance Software
Steele, a provider of integrated risk management solutions, announced the acquisition of Osprey Compliance Software.
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ArticleFASB seeks change to liabilities, equities guidance
FASB has issued a proposal on the distinction between liabilities and equity meant to cut through complexity known to compromise reporting quality.
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ArticleFacebook concedes Libra currency might never launch
Facebook recently acknowledged in a filing with the SEC that there can be no assurance its planned Libra offering “will be made available in a timely manner, or at all.”
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FDIC details credit and market risks
The Federal Deposit Insurance Corporation this week published its 2019 Risk Review, an annual publication highlighting emerging risks and exposures that could affect the banking system in the months ahead.
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Mylan nears $30M settlement with SEC in EpiPen investigation
Mylan disclosed in a regulatory filing that it has reached a $30 million agreement-in-principle to resolve the SEC’s investigation alleging securities violations for disclosures surrounding EpiPens.
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ArticleFASB proposes fix to rules on financial instruments
FASB is proposing amendments to GAAP to clarify interactions among different rules on measuring investments and securities.
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ArticlePetrobras receives $112.3M from leniency agreements, other deals
Petrobras said it has received 425 million reais (U.S. $112.3 million) from leniency agreements and repatriations carried out by Brazil’s Federal Prosecutor’s Office.