All Construction articles – Page 2
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KPMG facing $1.8B lawsuit over Carillion audits
KPMG is facing a £1.3 billion (U.S. $1.8 billion) lawsuit for missing “red flags” during its audits at failed construction company Carillion, which creditors say was insolvent more than two years before it collapsed.
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FRC 2022 reviews to focus on climate risks, fraud
The U.K. Financial Reporting Council will prioritize climate-related financial disclosures in company accounts and climate risks in audits as key areas of supervisory focus for 2022/23.
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Grant Thornton UK fined for ‘skepticism failures’ in Interserve audit
Grant Thornton UK received a “severe reprimand” and reduced penalty of £718,250 (U.S. $981,000) for breaches that arose in the context of audit work on the 2015-17 financial statements of now-collapsed construction firm Interserve.
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FRC launches probe of BDO over NMCN audit
The Financial Reporting Council announced the launch of an investigation into BDO in relation to its audit of U.K. construction and engineering company NMCN, which filed for administration earlier this month.
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Compliance tips for effectively presenting data to key stakeholders
Metrics can either strengthen or distract from compliance’s message to key stakeholders. Jennifer Lee, a risk and compliance manager at Caterpillar, shared tips for accomplishing the former at a recent industry event.
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SOS hand signal created for victims of modern slavery
U.K.-based philanthropic organization Stronger Together has created a new hand signal to empower victims of modern slavery to get help. Though developed for the construction sector, the signal can be adopted across any industry as a best practice.
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Balfour Beatty names U.S. chief compliance officer
Infrastructure company Balfour Beatty has named Daniel LaFrance as vice president & chief compliance officer.
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TRACE: U.S. bribery enforcement declined in 2020
Despite a banner year for resolutions under the Foreign Corrupt Practices Act in 2020, U.S. enforcement of the anti-bribery law dropped 29 percent when compared to 2019, according to the latest Global Enforcement Report by TRACE International.
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EY member firm fined $1.5M for failure to uncover $3B homebuilding fraud
A member firm of EY Global has been fined $1.5 million by the SEC to settle audit violations and improper conduct charges connected to a $3.3 billion accounting fraud committed by one of its customers.
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Four years later, Odebrecht’s external monitorship ends
Odebrecht has reached the end of its compliance monitorship, four years after pleading guilty and resolving charges with authorities in the United States, Brazil, and Switzerland for violations of the Foreign Corrupt Practices Act.
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Sargeant Marine to pay $16.6M in FCPA case
Sargeant Marine has pleaded guilty to conspiracy to violate the anti-bribery provisions of the FCPA and agreed to a $16.6 million criminal fine to resolve the charges, the Department of Justice announced.
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GMS appoints chief accounting officer
GMS, a specialty distributor of interior building products, announced William Forrest Bell has been appointed chief accounting officer, effective Sept. 14.
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Foundation Building Materials names new accounting chief
Construction materials distributor Foundation Building Materials announced its board of directors appointed Onur Demirkaya as chief accounting officer, effective May 12.
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Development bank bans Brazilian company for paying kickbacks
A Brazilian construction company that paid nearly $50 million in kickbacks has been banned from participating in Inter-American Development Bank-funded projects for more than two years.
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TRACE: Bribery enforcement down in 2019
Risks in the extractives and aerospace industries are still prevalent, but the number of overall global and U.S. enforcement cases involving bribery dropped in 2019, according to the latest report from TRACE International.
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Tee International revamps internal controls amid investigation
Tee International disclosed enhancements to its compliance, risk management, and internal controls amid an ongoing investigation by authorities in Singapore into its former group chief executive for allegedly stealing company funds.
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Vulcan Materials names general counsel
Vulcan Materials, the nation’s largest producer of construction aggregates, has named Denson Franklin as senior vice president and general counsel, effective Dec. 2.
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Odebrecht to make $50M in charitable contributions under settlement
Brazil-based construction and engineering company Odebrecht has committed to make $50 million in total charitable contributions as part of a settlement reached to resolve allegations of bribery.
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Volvo CE appoints general counsel
Volvo Construction Equipment has appointed Nina Aresund as senior vice president and general counsel to replace longstanding SVP Legal Edvard Carleson.
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World Bank debars China Railway Construction, two subsidiaries
The World Bank announced the nine-month debarment of China Railway Construction Corp. and two of its subsidiaries concerning misconduct under a highway project in Georgia.
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