Embroiled in the Ohio nuclear bailout federal corruption scandal, FirstEnergy Corp. continued to clean house with the firing of Chief Legal Officer Robert Reffner and General Counsel and Chief Ethics Officer Ebony Yeboah-Amankwah.
Kyle Brasseur
Posted inAccounting & Auditing
FASB delays, eases early adoption for long-duration insurance standard
The Financial Accounting Standards Board finalized an update to its standard on accounting for long-duration contracts at insurance companies that will delay the effective date by one year and ease compliance burdens for early adopters.
Posted inInternal Controls
Citigroup chief risk officer to depart amid risk management overhaul
The chief risk officer at Citigroup is set to depart from his role in the wake of a $400 million enforcement action that ordered the firm to overhaul its risk management and compliance programs.
Posted inAccounting & Auditing
California accounting board fines KPMG $1.3M for cheating scandal
California and its Board of Accountancy has fined audit firm KPMG $1.3 million after elements of its inspection and internal exam cheating scandals were run through the state.
Posted inAccounting & Auditing
FRC review deems major audit quality at Grant Thornton UK, Mazars ‘unacceptable’
The U.K. Financial Reporting Council has singled out audit firms Grant Thornton and Mazars as needing to significantly improve audit quality in the wake of recent inspection findings.
Posted inWhistleblowers
SEC excludes 2 from share of $10M whistleblower award
The SEC announced the award of more than $10 million to a whistleblower whose “substantial” assistance throughout the course of an investigation was the sole driver behind a successful enforcement action.
Posted inUncategorized
Acacia Research general counsel fired after SEC fine
Patent licensing firm Acacia Research Corp. announced the firing of its general counsel less than a month after she was fined $25,000 by the SEC for impeding an investigation into her former employer.
Posted inInternal Controls
SEC Commissioner Hester Peirce mulling CCO liability framework
SEC Commissioner Hester Peirce revealed in a recent speech that she is considering developing a draft framework that would aim to clarify when the Commission may seek personal liability in compliance cases.
Posted inAccounting & Auditing
FASB proposes three amendments to leases standard
The Financial Accounting Standards Board proposed three amendments to its leases standard prompted by post-implementation feedback from stakeholders.
Posted inRegulatory Enforcement
Bitcoin platform operator fined $60M for AML violations
Larry Dean Harmon, the operator of virtual currency platforms Helix and Coin Ninja, was assessed a $60 million civil penalty by FinCEN for violations of the Bank Secrecy Act and its implementing of AML regulations.
