Appointment Blogs | Compliance Week – Page 251
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FIFA Misconduct Strikes Again, at German Prestige
Image: The German magazine Der Spiegel is reporting that the committee set up by the German Soccer Federation to bid for the 2006 World Cup hosting rights ran a slush fund of more than 10 million Swiss francs ($11 million) to help secure those hosting rights. Given all that has ...
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PCAOB Issues Crowe Horwath Inspection Report
Image: The PCAOB found fault with five of 14 audits inspected at Crowe Horwath in 2014, a slight improvement for the firm over its 2013 results. The board’s 2014 inspection report revealed an audit deficiency rate of 36 percent, compared with 38 percent in 2013 and 50 percent in 2012. ...
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Irish Data Regulator Probes Facebook’s European Privacy Practices
Image: The investigation by Ireland’s Data Protection Commissioner Helen Dixon into Austrian law student Max Schrems’ privacy complaint will continue in light of the recent decision by the European Court of Justice to invalidate the Safe Harbor program for international data transfers between the United States and the European Union. ...
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Crédit Agricole to Pay $787 Million for Sanctions Violations
Crédit Agricole will pay a total of $787.3 million in criminal and civil financial penalties for economic sanctions violations. Federal and local agencies allege that Crédit Agricole engaged in a series of schemes to process more than $32 billion in U.S. dollar payments through its New York branch from its ...
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Pres. Obama Nominates Fairfax, Peirce as SEC Commissioners
This week, President Obama announced his intent to nominate Lisa Fairfax, currently a law professor at the George Washington University Law School, and Hester Peirce, a senior research fellow at the Financial Markets Working Group at George Mason University’s Mercatus Center, as SEC commissioners. If confirmed, Fairfax and Peirce will ...
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'You Know What's Cool? A Billion Dollars,' Part III
Yes, the Madoff trustee's legal and professional fees have passed the $1 billion mark, but with the release today of more good news for Madoff victims, the trustee says that this $1 billion (and counting!) is a “very good return on an investment.”
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Microsoft Proposes Two Board Nominations
Microsoft this week announced two nominations to its board of directors: Sandra Peterson, group worldwide chairman of Johnson & Johnson, and member of the executive committee, and Padmasree Warrior, former chief strategy officer and chief technology officer at Cisco. Both will be presented for election at the company's annual shareholders ...
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So You Want To Be a Board Member
Being a director of a major company is a pretty good gig. It brings prestige, challenge, and financial reward—but also stress, time commitment, and even legal liability. This month, columnist Rick Steinberg talks about how executives (including compliance officers, with a skill set rapidly growing more important) can get invited ...
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Countering the Effects of Unconscious Bias in Audits
Audits go wrong for many reasons, so let’s not deny one of them: because auditors sometimes unconsciously give the benefit of the doubt to a client when they should not. What unconscious biases put effective auditing at risk? How can an auditor train himself to find them, or construct practices ...
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Arctic Cat Elects New Board Member
Arctic Cat, a company that makes recreational vehicles, has elected Andrew Duff, chairman and CEO of investment bank and asset management firm Piper Jaffray Companies, to its board of directors. He also will serve on Arctic Cat’s audit committee. More inside.
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Accuity Launches Next Generation Dual-Use Goods Screening Solution
Accuity, a global provider of risk and compliance, payments and know-your-customer solutions, has launched a new screening solution to help companies tackle the emerging requirement to identify dual-use and controlled goods in trade. More inside.
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Millennium Health to Pay $256 Million to Resolve False Claims Act Case
Millennium Health (formerly Millennium Laboratories) today reached a $256 million settlement with the Justice Department to resolve allegations that it billed for Medicare, Medicaid, and other federal health care programs for medically unnecessary urine drug and genetic testing and for providing free items to physicians who agreed to refer expensive ...
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Tuomey Healthcare System to Pay $72 Million in False Claims Act Case
The Department of Justice announced last week that it has resolved a $237 million judgement against Tuomey Healthcare System to for illegally billing the Medicare program for services referred by physicians with whom the hospital had improper financial relationships. Under the terms of the settlement agreement, the United States will ...
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ICon Professional Services and Synergy Services Join Forces
In the face of rapid and tremendous change on the horizon for the independent workforce landscape, ICon Professional Services, a provider of contingent workforce management solutions, and Synergy Services, a provider of technology-enabled services for today’s global workforce, today announced that they have combined forces. Details inside.
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Former Boeing CFO Joins Apple Board
Apple this month announced that James Bell, former chief financial officer and corporate president of The Boeing Company, has been elected to Apple’s board of directors. More inside.
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SEC's Investor Advocate Slams NYSE Rule Change
For the first time, the Securities and Exchange Commission’s Office of the Investor Advocate is urging the rejection of a rule proposal. The New York Stock Exchange wants to exempt early stage companies from obtaining shareholder approval before selling additional shares to insiders and other related parties. Rick Fleming, the ...
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Sticky Situation: Ill-Gotten Gains From FCPA Violations
Image: One of the continuing myths around FCPA enforcement is so-called “springing liability,” where a company that acquires a business also acquires a FCPA violation along with the purchase. That is not an accurate understanding of the issue, our anti-corruption blogger Tom Fox writes. But it does touch on issues ...
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COSO Expects First-Quarter Release of ERM Update Draft
Image: COSO expects to publish a draft of its Enterprise Risk Management Integrated Framework in the first quarter of 2016. First released more than a decade ago, COSO opted to make updates in light of modern business conventions and practices. COSO Chairman Bob Hirth says, “It will be ...
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Police Raid VW’s French HQ in Search of Critical Data
According to the Telegraph, as part of an ongoing probe into a pollution-cheating scheme, police swept through Volkswagen’s main office in Villers-Cotterets in northern France and another office near Paris on Friday, seizing data devices, documents, and computer hardware. The automatker, which is facing large fines, legal costs,and class-action ...
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Recall Simplifies Information Governance With CommandIG
Recall Holdings Limited, an information management solutions provider, recently announced the general availability of Recall CommandIG, a secure cloud-based or on-premise information governance solution that enables companies to easily govern paper records and digital information wherever it resides and address the challenges of secure collaboration. More inside.