Appointment Blogs | Compliance Week – Page 288
-
Blog
FDIC Mulls New Recordkeeping Requirements for Big Banks
The Federal Deposit Insurance Corp. is considering new recordkeeping requirements for the nation’s largest banks to streamline the process for reimbursing insured depositors should one of them fail. New recordkeeping standards would likely apply to banks with more than $2 million in account value. Details inside.
-
Blog
New Guidance for Healthcare Compliance Oversight
An unusual coalition of compliance and audit professional associations has joined forces with federal healthcare regulators to publish new guidance on how healthcare organizations can carry out their oversight responsibilities. The guidance is intended for internal auditors, compliance, and legal executives that report to those boards, and carries the blessing ...
-
Blog
2014 Restatements Show Further Declines
Restatement data for 2014 suggest companies are getting better at financial reporting—producing fewer erroneous reports, with less damaging effects, and correcting mistakes more quickly when they find them, the latest report from Audit Analytics shows. Contrary to all the good news, however, restatements among accelerated filers are not falling. More ...
-
Blog
FBI Agent David Makol Rejoins SEC as Forensic Accountant
Back in 2012, I recommended a "must-read" article by WSJ reporters Susan Pulliam, Michael Rothfeld and Jenny Strasburg about FBI agent David Makol. The article provided some fascinating insight into the tactics that Makol, then the FBI's go-to guy for "flipping" suspects in insider trading investigations, used so successfully in ...
-
Blog
KPMG Elects New Chairman and CEO
KPMG has elected Lynne Doughtie to serve as its next chairman and chief executive officer, for a five-year term starting July 1. Doughtie currently leads KPMG’s Advisory business. Details inside.
-
Blog
Better Ways for Boards to Care About Reputation Risk
Reputation risk is never far from a board’s mind, and rightly so. That doesn’t necessarily mean boards should make management of reputation risk their first priority—despite many examples of reputation failures leading to catastrophe. Rather, Compliance Week columnist Rick Steinberg writes, boards need to obsess over culture and operational details ...
-
Blog
Tilting Toward IFRS Experiments in the U.S.
Last December, SEC officials raised yet again the idea of letting U.S. companies file financial data—just a bit, on a voluntary basis—according to International Financial Reporting Standards. The proposal was the latest in a long discussion about whether to let U.S. businesses adopt IFRS. This week, Compliance Week columnist Robert ...
-
Blog
White Defends Subpoenaing ISPs for E-Mails
Image: The SEC has long opposed efforts to modernize the Electronic Communications Privacy Act of 1986, fearing it could lose the ability to subpoena internet service providers for e-mails. Although ISP subpoenas are currently on hold, privacy concerns could harm investigations, Chairman Mary Jo White told a Congressional sub-committee.
-
Blog
IASB Considers Deferral for Revenue Recognition Standard
Now that the new revenue recognition standard is likely to be delayed by a year in the United States, the International Accounting Standards Board is recommending a delay until Jan. 1, 2018, for those who file under International Financial Reporting Standards. “We think that it is less confusing for the ...
-
Blog
Volcker Offers Sweeping New Reform Ideas
Image: Paul Volcker, the famed former Fed chairman and namesake of the most controversial rule in the Dodd-Frank Act, is proposing a slate of financial reform proposals that would merge the SEC and CFTC and create new regulatory agencies. The Volcker Alliance—a non-partisan, non-profit organization launched in 2013—issued a report ...
-
Blog
Lockheed Wants Out of 40-Year-Old Disclosure Demand
Lockheed Martin wants a federal judge to end a 40-year-old SEC requirement of advance notice for changes to its anti-bribery policies. Lockheed argues that the Sarbanes-Oxley Act, FCPA requirements, and a move to online shareholder information make the requirement obsolete and unnecessary. More inside.
-
Blog
Dodd-Frank: Remember the History Before Pushing Reform
Image: As the fifth anniversary of the Dodd-Frank Act approaches, we’ll hear more talk about whether the law needs reform; in fact, we already hear that talk in Congress. Before we go too far, Compliance Week editor Matt Kelly writes, we should remember what caused the financial crisis in 2008 ...
-
Blog
McGraw Hill Financial Appoints Chief Compliance Officer
McGraw Hill Financial has apponted Robert Easton as chief compliance officer, effective May 26. Easton will report to General Counsel Lucy Fato. Details inside.
-
Blog
HIPAA Privacy and Security Guidance Updated
The Office of the National Coordinator for Health IT has released an updated version of its privacy and security guidance to help healthcare providers better understand how to integrate federal health information privacy and security requirements into their practices. The guidance was last published in 2011. Details inside.
-
Blog
Study: Supplier Payment Processes Need Improving
A new study conducted by market research firm Gatepoint Research and sponsored by global payments solutions provider Tipalti finds significant weaknesses in the systems and processes companies use to mitigate regulatory, compliance, and fraud-related payment risks. According to the study, 66 percent of 100 senior finance and accounting executives polled ...
-
Blog
FBI Establishes International Corruption Squads
The Federal Bureau of Investigation, in conjunction with the Department of Justice’s Fraud Section, recently established another weapon in the battle against foreign bribery and kleptocracy-related criminal activity: three dedicated international corruption squads, based in New York City, Los Angeles, and Washington, D.C. Details inside.
-
Blog
BNY Mellon Units Fined $185 Million for Custody Rule Compliance Failures
The U.K.’s Financial Conduct Authority this week fined two Bank of New York Mellon firms—Bank of New York Mellon’s London Branch and The Bank of New York Mellon International Limited—a total of $185 million for failing to comply with the FCA’s Custody Rules, which protect safe custody assets if a ...
-
Blog
Advocacy Groups Looking for an SEC Superhero
From the depths of the D.C. Metro system comes a social media campaign from an advocacy group that depicts SEC Chairman Mary Jo White as a superhero. The campaign revolves around the concept of White with a cape and an MJW logo, taking down the scourge of “dark money.” See ...
-
Blog
SEC Trial Scorecard Update: Jury Finds 'Feeder' Liable in Florida Ponzi Scheme
This running SEC Trial Scorecard tracks the SEC's trials and outcomes for FY 2015. To date in FY 2015, which began on October 1, 2014, the SEC has now had five trials in federal court reach a verdict (see the full list below). The most recent verdict was reached on ...
-
Blog
Freddie Mac Names Chief Enterprise Risk Officer
Freddie Mac has named Anil Hinduja as chief enterprise risk officer. He will report to Chief Executive Officer Donald Layton and will serve on the company's senior operating committee. Details inside.