Outgoing Danske Bank CCO Satnam Lehal shares with Compliance Week lessons learned from addressing deficiencies in the bank’s compliance program while managing the expectations of regulators, the board, employees, customers, analysts, investors, and the public.
Internal Controls
Posted inAccounting & Auditing
Exelon, ComEd fined $46M by SEC over bribery scandal
Exelon and its subsidiary Commonwealth Edison agreed to pay $46.2 million as part of a settlement with the Securities and Exchange Commission related to their Illinois bribery and lobbying scandal that previously earned ComEd a deferred prosecution agreement.
Posted inAnti-Bribery
Albemarle to pay $218M in FCPA settlements with DOJ, SEC
Chemical company Albemarle was assessed penalties totaling more than $218 million as part of settlements with the Department of Justice and Securities and Exchange Commission addressing alleged violations of the Foreign Corrupt Practices Act across a handful of foreign countries.
Posted inAccounting & Auditing
Clear Channel Outdoor to pay $26M in FCPA case over China bribes
Clear Channel Outdoor Holdings agreed to pay more than $26 million as part of a settlement with the Securities and Exchange Commission alleging its former China-based subsidiary bribed government officials to obtain outdoor advertising contracts.
Posted inInternal Controls
Assessing the value of COSO sustainability reporting guidance
Companies that haven’t yet set up verifiable reporting in their sustainability programs have a ready reference available in the framework put out by the Committee of Sponsoring Organizations of the Treadway Commission, experts discussed at CW’s virtual ESG Summit.
Posted inAccounting & Auditing
GTT Communications spared fine in SEC disclosure failure case
GTT Communications, a provider of telecommunications and internet services, avoided a civil penalty in reaching a settlement with the Securities and Exchange Commission addressing alleged disclosure failures over more than a two-year period.
Posted inAccounting & Auditing
SEC fines former Marcum partner for causing control failures
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.
Posted inAccounting & Auditing
SEC fines Fluor $14.5M over accounting lapses
Engineering and construction company Fluor Corp. agreed to pay $14.5 million to settle allegations by the Securities and Exchange Commission that accounting deficiencies led to restatements on nearly three years of financial statements.
Posted inAccounting & Auditing
Plug Power settles with SEC over accounting woes; warned of added $5M fine
Plug Power was fined $1.25 million as part of a settlement with the Securities and Exchange Commission over alleged accounting failures that the company agreed to fully remediate within one year or face an additional penalty.
Posted inAccounting & Auditing
SEC chief accountant urges auditors, management widen scope on risk
Concerned auditors are missing the big picture when assessing a company’s internal control over financial reporting, the chief accountant at the Securities and Exchange Commission called on the profession—and company managers—to take a holistic approach to assessing risks.
