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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2022-10-24T18:50:00
The Securities and Exchange Commission (SEC) fined Mattel $3.5 million for allegedly overstating tax expenses and initiated litigation against a former PwC audit partner accused of failing to inform the toy company’s audit committee about its financial statement errors.
Mattel understated its tax-related valuation allowance regarding its Thomas the Tank Engine asset by $109 million in the third quarter of 2017 before overstating the tax expense by $109 million in the fourth quarter of 2017, the SEC explained in its order published Friday. As a result, Mattel understated its net loss and net loss per share in the third quarter by 15 percent, and it overstated those figures in the fourth quarter by 63 percent, the agency said.
Mattel learned of the matter when it received a whistleblower letter in August 2019 alleging the errors and raising questions about the independence of Joshua Abrahams, who at the time was Mattel’s lead engagement partner at PwC.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2020-02-26T20:35:00Z By Jaclyn Jaeger
Mattel announced it has received a subpoena from the Securities and Exchange Commission seeking documents related to a previously disclosed investigation that had uncovered accounting errors.
2019-10-30T18:26:00Z By Jaclyn Jaeger
Following an investigation spurred by a whistleblower letter, Mattel announced it has uncovered material weaknesses in its internal controls over financial reporting and is now working to remediate the issues.
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Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau (CFPB).
2024-10-22T21:18:00Z By Adrianne Appel
Precision Toxicology has agreed to pay $27 million to settle allegations first brought by whistleblowers in three cases, that the company billed the federal government for unnecessary drug tests and paid kickbacks to doctors, the Department of Justice (DOJ) said.
2024-10-22T16:08:00Z By Aaron Nicodemus
Fund management company WisdomTree will pay $4 million to settle allegations by the Securities and Exchange Commission that it improperly invested in fossil fuel and tobacco companies in environmental, social and governance (ESG) funds despite promising to avoid them.
2024-10-18T18:10:00Z By Adrianne Appel
A Vietnamese alcohol company has agreed to pay $860,000 to settle allegations by the Office of Foreign Assets Control (OFAC) that its business with North Korea involved U.S. financial institutions.
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