The Financial Accounting Standards Board issued an update to its fair value measurement standard that clarifies conflicting guidance regarding equity securities.
Kyle Brasseur
Posted inAccounting & Auditing
Historic EY fine latest by-product of KPMG cheating scandal
It is impossible to ignore the SEC’s $100 million fine against EY for employee exam cheating is double the amount the regulator penalized KPMG for its separate cheating scandal. Especially since the latter resolution appears to have served as a starting point for the SEC’s ruling on the former.
Posted inEthics & Culture
CCO skepticism toward DOJ compliance certifications justified
Chief compliance officer concerns regarding the Department of Justice’s new certification policy have not been alleviated by the agency’s inconsistent communication regarding the requirement.
Posted inEurope
FATF adds Gibraltar to AML/CFT watchlist; Malta removed
The Financial Action Task Force added Gibraltar to its list of jurisdictions working with the organization to improve the countering of money laundering, terrorist financing, and proliferation financing within their borders.
Posted inEurope
FCA fines Ghana International Bank $7.1M for AML failings
The U.K. Financial Conduct Authority fined Ghana International Bank £5.8 million (U.S. $7.1 million) for deficiencies in its anti-money laundering controls over its correspondent banking activities.
Posted inAccounting & Auditing
PCAOB adopts new requirements for use of multiple audit firms
The Public Company Accounting Oversight Board announced its approval of a rule creating a new audit standard and amending a handful of others regarding audits involving multiple audit firms, the culmination of a project first launched in 2016.
Posted inRisk Management
‘Have contingency plans’: TPRM expert on confronting Russia risk exposure
Melanie Gallagher, head of third-party risk management at financial software company Intuit, offered best practices for navigating sanctions compliance risks at CW’s TPRM Summit in Chicago.
Posted inRisk Management
Five prevailing themes from TPRM Summit
Editor In Chief Kyle Brasseur recaps popular points of discussion across Compliance Week’s two-day Third-Party Risk Management Summit held in Chicago.
Posted inRegulatory Enforcement
DAG Monaco: Sanctions should be ‘at the forefront’ of compliance approach
Businesses with a multinational footprint or international suppliers should be prioritizing abiding by U.S. sanctions in their compliance efforts, Deputy Attorney General Lisa Monaco said at an industry event.
Posted inAccounting & Auditing
FASB removes goodwill accounting project from agenda
The Financial Accounting Standards Board tentatively ruled to remove a project regarding identifiable intangible assets and subsequent accounting for goodwill from its technical agenda.
