Appointment Blogs | Compliance Week – Page 318
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Justice Department Nets Record $5.7 Billion From False Claims Cases
Image: Title: DeleryThe Department of Justice obtained a record $5.7 billion in recoveries from civil cases involving fraud and false claims against the government in fiscal year 2014, thanks mainly to massive settlements reached in the financial services and healthcare industries. “In the past three years, we have achieved the ...
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Companies Still Sorting Through Revenue Recognition Rule, Survey Shows
Image: PwC and the Financial Executives Research Foundation are offering fresh evidence that companies are behind on FASB’s new revenue recognition standard. In their joint survey of 174 companies, 54 percent said they are familiar with the standard, but only 29 percent said they would be prepared to adopt it ...
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SEC Halts Trading in Four Microcap Cos., Warns Investors About Ebola Scams
As also happened with recent natural disasters such as Hurricane Katrina and Hurricane Sandy, the Ebola outbreak that has captured the attention of the American public has become a possible tool of scam artists. The SEC suspended trading in four companies today -- Bravo Enterprises Ltd., Immunotech Laboratories Inc., Myriad ...
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FASB, SEC Give New Options on Pushdown Accounting
FASB has issued a new Accounting Standards Update to provide an option for the application of “pushdown accounting,” which occurs when an acquired business adopts the new parent company’s basis of accounting to prepare its financial statements. The update gives acquired companies some choices on the timing and extent of ...
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Study Delves Into the Extensive Costs of Non-Compliance
What’s the true cost of non-compliance? A study by Thomson Reuters makes the case that fines, while significant and growing, may be the least of what should worry companies that run afoul of regulations. Broader financial implications can include the end of a business line, an inability to sell specific ...
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Justice Department Collected $24.7 Billion in Civil and Criminal Cases in 2014
The Department of Justice collected $24.7 billion in civil and criminal actions in the fiscal year ending Sept. 30, 2014, Attorney General Eric Holder announced in a video released today by the agency. That amount is “more than three times the $8 billion total the Department collected in 2013,” Holder ...
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Effective ICFR? The Citigroup Example
Earlier this year, Citigroup received a comment letter from the SEC asking about the effectiveness of its internal control over financial reporting, given the discovery of fraud in its Banamex division in Mexico. In this guest post, Audit Analytics examines the issues raised by the SEC, how Citi responded, and ...
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SEC Approves Rule Requiring Technology Safeguards
Image: Nov. 19—Despite concerns that it may be too limited in its current form, the SEC unanimously approved Regulation SCI, new rules intended to strengthen the technology infrastructure of securities markets, improve their resilience, and enhance the Commission’s ability to oversee them. The rule includes attestation requirements for chief executive ...
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2014 Marked Record Year for SEC Whistleblower Program
Fiscal year 2014 marked a historic year for the Securities and Exchange Commission’s whistleblower program both in the number of tips it received and the number and dollar amount of whistleblower rewards the agency doled out, according to the SEC’s annual report to Congress. The SEC received 3,620 whistleblower tips ...
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Bank of England Chief Suggests Rules Needed for Bankers’ Fixed Pay
Image: Title: CarneyNov. 19—Even though caps on banker bonuses in the European Union are still generating controversy, some are calling for new rules for bankers’ fixed pay. Bank of England Governor and Financial Stability Board Chairman Mark Carney said during a speech this week that new rules on bankers’ fixed ...
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European Commission Pushing Ahead with New Shareholder Rights Law
Image: Title: HooijerNov. 19—The head of corporate governance for the European Commission, Jeroen Hooijer, said at a recent conference in the Netherlands that the Commission could put a proposal to revise the European Union’s shareholder rights rules before lawmakers by next summer. The proposal was unveiled last spring and calls ...
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State Street Global Advisors Names Chief Risk Officer
State Street Global Advisors, the asset management business of State Street Corporation, has appointed David Saulnier as chief risk officer, with immediate effect. Saulnier previously served as chief risk officer for State Street’s investment servicing business in the Americas. Details inside.
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Lowe's Names Chief Compliance Officer
Lowe's Companies has named Ross McCanless as general counsel, secretary and chief compliance officer, effective Jan. 12, 2015. McCanless will replace Gaither Keener, who announced plans to retire from the company following 30 years of service. Details inside.
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How Layne Christensen and Hewlett-Packard Earned Favorable Treatment After an FCPA Charge
When Layne Christensen, a global water management and construction company, and tech pioneer Hewlett-Packard were targeted for violating the Foreign Corrupt Practices Act, they both escaped harsh punishments by cooperating with enforcement authorities. Their actions serve as a how-to for earning cooperation credit. Inside, columnist Tom Fox runs down their ...
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Whitewashed Sanctions Report Costs Bank of Tokyo-Mitsubishi $565 Million
Bank of Tokyo-Mitsubishi UFJ today reached a $315 million settlement with the New York State Department of Financial Services—adding to the $250 million settlement it reached with DFS last year—for misleading regulators regarding the bank’s transactions with Iran, Sudan, Myanmar, and other sanctioned entities, bringing the bank’s total monetary penalty ...
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Court Gives SEC Another Chance to Defend Conflict Minerals Rule
The court that struck down parts of the SEC’s conflict minerals disclosure rule has agreed to give the agency another chance to make its case. The U.S. Court of Appeals for the District of Columbia said it will permit the SEC to file a supplemental brief, setting the stage for ...
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G20 to Focus on Beneficial Ownership Transparency in 2015
Improving beneficial ownership transparency will be a top priority for leaders of the G20 countries in 2015. Following a two-day summit in Australia this week, the G20 leaders released a new set of principles that sets out concrete measures that G20 countries will take to prevent the misuse of legal ...
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PCAOB Queues Up Fraud Talk; Latest Report Offers Tips to Resist Fraud
Audit regulators are assembling their closest advisors this week to take a closer look at the latest thinking around what motivates auditors and what tools and skills they bring to the effort to detect financial reporting fraud.
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SEC: Sending Saudi Officials on 'World Tour' Was FCPA Violation
In case there was any ambiguity that companies may not send foreign government officials on a "world tour" in order to secure business, the SEC made that clear yesterday. In an administrative proceeding filed yesterday, the SEC sanctioned two former employees in the Dubai office of U.S.-based FLIR Systems Inc. ...
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GAO Faults SEC for Internal Control Deficiencies
The message from the Government Accountability Office to the Securities and Exchange Commission: practice what you preach. A new, 176-page report from the government watchdog faults the agency for “a significant deficiency" in internal controls for its Investor Protection Fund.