All Compliance Week articles in Web Issue – Page 711
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Blog
PCAOB Considers Standard on Using Specialists’ Work
Image: The Public Company Accounting Oversight Board has issued a staff consultation paper looking for input on whether and how to revise standards around the auditor’s use of the work of specialists. PCAOB Chairman James Doty said, “We want our standards to keep pace with the realities in the marketplace, ...
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Blog
Five Major Banks Agree to Parent-Level Guilty Pleas
Five major banks—Citicorp, JPMorgan Chase, Barclays, The Royal Bank of Scotland, and UBS—last week agreed to plead guilty to conspiring to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market. The banks also agreed to pay criminal fines totaling more than $2.5 ...
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Blog
Big Lots Names General Counsel and Corporate Secretary
Big Lots has appointed Ronald Robins as general counsel and corporate secretary. He will be a member of the executive leadership team and report directly to President and CEO David Campisi. Robins previously served as general counsel, chief compliance officer, and secretary of apparel retailer Abercrombie & Fitch.
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Blog
J&J Chief Accounting Officer to Retire
Stephen Cosgrove, controller and chief accounting officer of Johnson & Johnson, will retire in October, the company announced in a Form 8-K. Upon Cosgrove’s retirement, these roles will be filled by Ronald Kapusta, who is currently vice president of finance of J&J's supply chain. Details inside.
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Blog
Marsh and FireEye Partner to Offer Cyber-Security Readiness Service
Marsh, an insurance broker and risk management firm, and FireEye, a cyber-security firm, has announced a collaboration to offer clients a new service: Marsh Cyber OASIS. This service is designed to assists clients by providing an objective evaluation of their organization’s ability to detect and respond to cyber-attacks and the ...
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Blog
Tips on Building a Better, User-Friendly EDGAR
A slew of business groups, from the Center for Audit Quality to the U.S. Chamber of Commerce and others, have voiced their collective opinion on how the SEC can improve the EDGAR filing process. Their top recommendations were search improvements and the ability to download data in multiple formats. See ...
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Blog
Novaworks Introduces Legato 1.0 for SEC Filers
EDGAR conversion and filing software provider Novaworks this month launched Legato 1.0, the first scripting language that allows SEC filers to integrate existing financial reporting software with existing database and document production systems. Details inside.
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Blog
New Hearsay Social Solution Simplifies Social Media Compliance
Hearsay Social, provider of the Predictive Social Suite for financial advisors and insurance agents, this week announced the launch of the new Universal Supervision experience for social media and website content, designed to make it easier and faster for financial services companies to enforce compliance policies. Details inside.
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Blog
Compliance Director Charged With Defrauding Investors
The Securities and Exchange Commission yesterday announced fraud charges against a former director of compliance of a registered broker-dealer who was accused of defrauding investors and stealing money from the brokerage firm where he worked. “We allege a classic situation of the fox guarding the henhouse as William Quigley subverted ...
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Blog
Senator Presses SEC on Fake EDGAR Filings
Image: In a letter to SEC Chair Mary Jo White, Sen. Chuck Grassley (R-Iowa) demanded more information about fake filings, including a fictitious Avon takeover bid, that somehow make their way onto the agency’s EDGAR system. “This pattern of fraudulent conduct is troubling, especially in light of the relative ease ...
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Blog
FIFA Drops the Ball: Corruption and FCPA Charges
Last week, a 47-count indictment was unsealed in a federal court in Brooklyn, charging 14 defendants—all associated with the governing body of international soccer, the Fédération Internationale de Football Association—in connection with their participation in a 24-year scheme to enrich themselves through the corruption of international soccer. In a special ...
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Blog
Premiering Tonight -- '(Dis)honesty: The Truth About Lies'
A documentary premiering tonight on CNBC includes an in-depth look at the audacious insider trading scheme carried out by trader Garrett Bauer and attorney Matthew Kluger. The film examines how people rationalize and justify behavior, and considers what can be done "to stem an epidemic of cheating."
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Blog
Errors Persist Into 2014 Year-End XBRL Filings
Image: With another round of annual reports mostly filed through the early part of 2015, experts are assessing the quality of XBRL filings—and seeing not much improvement. Scale errors continue to be the most common problem, says Alex Rapp, co-founder of Calcbench. “Unfortunately, many filers don’t appear to realize this ...
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Article
The Next Plateau for CCOs: Becoming Leaders
Image: More and more evidence suggests compliance officers are now sitting alongside other senior corporate leaders at their organizations—so now they need to exercise that leadership role properly. That was the discussion at Compliance Week 2015, and we have all the insights inside. “More compliance officers are being asked for ...
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Article
The Real State of CCO Legal Liability
A compliance mishap in a company can feel like a professional failure to chief compliance officers; a more urgent question is whether it might also bring professional liability. At Compliance Week 2015, enforcement officials with the SEC and Justice Department, as well as compliance professionals themselves, explored how CCOs can ...
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Article
Audit Relations Continue to Be Strained
Image: Tensions over the audit of internal controls over financial reporting were in focus at the Compliance Week 2015 conference last week, with many saying corporate audit committees will ultimately need to resolve the problem. “We hear the concerns, even frustrations, from company officials over the level of audit work ...
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Blog
Former Commissioners Slam SEC for Inaction on Political Spending Rule
The latest push to get the SEC to act on a rulemaking petition that companies disclose political contributions and spending on lobbyists: pressure from former commissioners. “The Commission’s inaction is inexplicable,” William Henry Donaldson, Arthur Levitt, and Bevis Longstreth wrote in a letter to current SEC Chair Mary Jo White. ...