Internal Controls


News Brief

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.


News Brief

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.


News Brief

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.



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.

SEC office

News Brief

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.

SEC office

News Brief

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.


News Brief

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.


News Brief

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.



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.


News Brief

Lovesac facing shareholder pressure over accounting errors


The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.


News Brief

SEC fines Malvern Bank, ex-CFO for material misstatements


Malvern Bancorp and its former chief financial officer agreed to pay a combined $390,000 to settle allegations levied by the Securities and Exchange Commission regarding antifraud, reporting, books and records, and internal accounting control violations.


News Brief

Ault Alliance fined $700K over disclosure lapses


Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.

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Oct 5 | Focusing on control and compliance

2023-08-10T17:54:00+01:00Provided by

Amid globalization, new business models, and a constantly evolving regulatory environment, finance and accounting professionals face increasing complexities and higher transaction volumes. These issues pose challenges in delivering accurate and timely compliance and controls.


News Brief

Dubai financial regulator fines Mirabaud unit $3M for weak AML controls


A Middle Eastern unit of international banking group Mirabaud was ordered to pay a $3 million fine for inadequate anti-money laundering controls by the Dubai Financial Services Authority.



Common sanctions compliance trip points from 2023 enforcement cases


Penalties against companies including British American Tobacco, Wells Fargo, and Microsoft demonstrate the multiple ways in which businesses can run afoul of U.S. sanctions—an area receiving increased scrutiny by regulators.

Deutsche Bank

News Brief

Fed fines Deutsche Bank $186M over historic sanctions, AML lapses


The Federal Reserve Board fined Deutsche Bank $186 million regarding violations of previous consent orders addressing alleged sanctions and anti-money laundering weaknesses and control failures relating to the bank’s relationship with Danske Estonia.


News Brief

​ADT discloses ICFR weaknesses related to impairment calculations


Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.

SEC building

News Brief

Smart window-maker View avoids penalty in liability disclosure case


View, a California-based manufacturer of smart windows, avoided civil penalties after self-reporting apparent disclosure violations to the Securities and Exchange Commission.

TPRM Huntley


TPRM Summit takeaways: Tech risks, board and audit relationships


The impact of new technologies like generative artificial intelligence on the third-party risk management landscape was among the points of discussion addressed at Compliance Week’s TPRM Summit in Atlanta.

SEC building

News Brief

Marcum fined $13M for control failures magnified by SPAC client boom


Marcum agreed to pay $13 million in penalties levied by the Securities and Exchange Commission and Public Company Accounting Oversight Board for alleged quality control failures stemming from the audit firm’s work with special purpose acquisition company clients.

Union Bank

News Brief

OCC: Union Bank fined $15M for ‘deceptive’ account disclosure practices


The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.



Nutanix discloses remediation steps following costly software misuse


A lack of oversight of employees handling vendor software is one of several failings at cloud computing company Nutanix that led to misuse, $11 million in estimated costs, and two pending lawsuits.

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e-Book: Climate and sustainability reporting challenges

2023-06-13T02:36:00+01:00Provided by

Significant change in corporate attitudes toward environmental, social, and governance (ESG) reporting have many companies implementing controls and governance processes over the collection, review, and reporting of sustainability information for the first time.

CW2023 crowd shot


Highlights from Compliance Week 2023


Significant changes in policy and technology, in addition to fresh perspectives on tried-and-true compliance topics, highlighted the discussion at Compliance Week’s 2023 National Conference.

Lauren Kootman CW2023


DOJ official: Compliance team access, visibility into data a sign of effectiveness


One of the ways the Department of Justice will assess a firm’s compliance program is by judging how accessible and visible a company’s data is to its compliance function, an agency official told attendees at Compliance Week’s 2023 National Conference.

ESG vector


ESG reporting an opportunity to showcase compliance quality

2023-05-12T14:43:00+01:00By Hassan Chaudry, CW guest columnist

Hassan Chaudry, director of compliance at Canada-based asset management firm Starlight Investments, shares his take on how companies can derive value from their compliance efforts regarding environmental, social, and governance and anti-bribery and corruption.


News Brief

Philips to pay $62M to settle alleged FCPA violations in China


Dutch conglomerate Royal Philips will pay more than $62 million to settle allegations it violated the Foreign Corrupt Practices Act when its subsidiaries engaged in improper conduct to win contracts in China.

Flex sign


Chapter 4: Customers’ cooperation key to Flex’s 2030 sustainability strategy


Reaching a meeting of the minds with customers is essential to Flex achieving its long-term goals. The company’s president of manufacturing and services discusses its investment in sustainability solutions and progress to be made in remanufacturing.



Chapter 3: Criticality of preferred suppliers in supporting Flex’s sustainability efforts


Reducing Scope 3 emissions can’t be done without buy-in from critical suppliers. Flex’s VP of procurement and supply chain management discusses the company’s work two years into its stated sustainability commitments.

Flex Governance index


Chapter 2: ‘All in the same family’: How Flex’s 100-plus facilities align on sustainability


The global sustainability team at Flex is “the connectors” across the enterprise, said program head Barjouth Aguilar. Company leaders share observations, strategies, and technologies driving their coordinated sustainability efforts.

Revathi Advaithi


Chapter 1: New Flex CEO drives renewed focus on sustainability


The year Revathi Advaithi came on board as chief executive officer of Flex proved to be a hinge point for the global manufacturer’s sustainability strategy as it set science-based targets to hit by 2030.


News Brief

COSO report offers updated fraud risk management program blueprint


A new report from the Committee of Sponsoring Organizations of the Treadway Commission offers a blueprint to organizations for establishing an overall fraud risk management program.

Silicon Valley Bank sign

News Brief

Fed pledges heightened supervision following SVB collapse


The Federal Reserve Board will likely recommend strengthening regulatory and supervisory procedures for mid-sized regional banks in the aftermath of the failure of Silicon Valley Bank.


News Brief

Frank’s International to pay $8M in FCPA case


Dutch oilfield services provider Frank’s International agreed to pay nearly $8 million as part of a settlement with the Securities and Exchange Commission for allegedly paying bribes to influence oil drilling contracts in Angola.

EIC cover img


Nomination deadline closed for 2023 ‘Excellence in Compliance Awards’


The nomination deadline for CW’s fourth annual “Excellence in Compliance Awards” closed March 31. Winners will be announced in May.


News Brief

New COSO guidance tackles sustainability reporting


The Committee of Sponsoring Organizations of the Treadway Commission created a framework for companies seeking to achieve effective internal control over sustainability reporting.


News Brief

Veradigm discloses ICFR weakness related to rev rec software tool


Healthcare technology company Veradigm disclosed it expects it misstated revenue by approximately $40 million during its 2021 and 2022 reporting periods.

Compliance steps


Best practices to ensure your firm’s compliance resiliency


What is compliance resiliency, and why is it crucial for your organization to have it? Recent enforcement examples demonstrate why mapping out a clear business continuity plan can help thwart a risky management reshuffle.


News Brief

SEC chief accountant eyeing auditor use of network member firms


The Securities and Exchange Commission is paying added scrutiny toward audit firms’ increasing use of network affiliates in their work and the potential for inconsistent quality that comes with such an approach.

Tupperware Brands

News Brief

Tupperware to delay annual report amid ICFR weaknesses


Tupperware Brands Corp. disclosed it uncovered material weaknesses in its internal control over financial reporting as part of an announcement its 2022 annual report would be delayed.

Credit Suisse sign

News Brief

Credit Suisse discloses ICFR ‘not effective’ in 2022


Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.


News Brief

Evoqua Water Technologies to pay $8.5M for alleged revenue inflation


Evoqua Water Technologies Corp. agreed to pay $8.5 million to resolve charges the actions of a former company finance director led the firm to misstate its revenue in filings with the Securities and Exchange Commission.


News Brief

Flutter Entertainment to pay $4M for legacy FCPA violations


Ireland-based gaming and sports betting company Flutter Entertainment will pay a $4 million fine to resolve SEC charges payments made to Russian consultants by a company it acquired violated the Foreign Corrupt Practices Act.


News Brief

SEC orders Rio Tinto to pay $15M over FCPA violations


U.K.-based mining and minerals company Rio Tinto will pay a $15 million fine to settle charges of violating the Foreign Corrupt Practices Act when it entered into a scheme with a consultant in 2011 to bribe government officials in Guinea.


News Brief

Ericsson to pay $207M for breaches of 2019 DPA over FCPA violations


Swedish telecommunications company Ericsson agreed to pay nearly $207 million following two breaches of its 2019 deferred prosecution agreement with U.S. authorities.

Corporate reporting

News Brief

Qualtrics discloses ICFR weakness in IT controls


Software company Qualtrics disclosed the discovery of a material weakness in its internal control over financial reporting for the 2022 fiscal year.


News Brief

SEC fines SPAC $104K for control failures that enabled CFO embezzlement


African Gold Acquisition Corp. will pay a $103,591 fine for allegedly having flawed internal controls, reporting, and recordkeeping procedures that allowed its former chief financial officer to drain approximately $1.2 million from its bank account.


News Brief

SEC, CFTC order Options Clearing Corp. to pay $22M over internal rule failures


Options Clearing Corp. agreed to pay $22 million as part of settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission addressing charges the company failed to comply with internal rules to manage risks.



Book review: Why revamping procurement benefits business—and compliance


In “Profit from the Source,” four Boston Consulting Group thought leaders argue why procurement should be shaping corporate strategy, not just supporting it. Author Daniel Weise tells Compliance Week why such a transformation would elevate compliance, too.

Risk reward


Is threat of regulatory censure a risk worth taking?

2023-02-14T21:13:00+00:00By Paul Eccleson, for International Compliance Association

When making anti-regulatory decisions, a board is expressing its real risk appetite. This can be frustrating, even bewildering, for compliance professionals, especially when rules are clear and explicit in their expectations.