All Compliance Week articles in Web Issue – Page 788
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Blog
OCC’s Curry Details Regulatory Relief for Small Banks
Image: In a recent speech, Comptroller of the Currency Thomas Curry floated some regulatory reforms that could make compliance easier for small- and medium-sized banks, including a new examination cycle for healthy banks. “It’s important that they, like other businesses, have the flexibility to adapt to changing economic and ...
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Blog
Audit Committees Offer Details on Auditor Independence
Image: A Center for Audit Quality study shows a significant majority of all S&P Composite 1,500 companies are talking to investors about auditor independence, but fewer address how the auditor is appointed. “We think it is important to provide a baseline for audit committee disclosures, with the intent of tracking ...
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Resource
How Confident Are You In Your Corporate Tax Strategy?
As corporate tax complexity increases, so does the risk of mistakes, penalties, and missed opportunities. This Bloomberg BNA white paper discusses the changing landscape of the tax department, the problems with current tax management efforts, and how companies can leverage tax automation software to reduce risk and optimize their tax ...
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Article
Companies Struggle Over When to Report They’ve Been Hacked
Image: When a company discovers that sensitive data has been compromised, two of the toughest decisions that it faces are whether and when to let regulators, customers, and the public know about the loss. While companies may be hesitant, government officials say they can help. “Getting search warrants, arrest warrants, ...
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ArticleAre Auditors Making Unnecessary Demands on Internal Control Documentation?
As many companies finish work on a new framework for internal controls, a small number of them are starting to question their external auditors’ documentation requirements and are considering pushing back. Lillian Barlett, vice president of risk management and internal audit at SunOpta, for example, says the documentation requests are ...
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Blog
BNY Mellon Elects Investor Activist Ed Garden to Board of Directors
BNY Mellon, an investment management and investment services company, has elected Ed Garden, Chief Investment Officer and a founding partner of Trian Fund Management, to its board of directors, effective immediately. He also will join the human resources and compensation committee, and the risk committee of the board. Details inside.
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Article
Why Anti-Money Laundering Programs Aren’t Just for Banks Anymore
Image: After years of hunting money launderers by scrutinizing transaction at big banks, regulators are widening their nets to include luxury goods retailers, casinos, technology companies, and others. The Feds are holding more businesses accountable for questionable transactions and pushing those at risk to beef up AML compliance. “All companies, ...
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Blog
United Rentals Appoints Principal Accounting Officer
United Rentals has appointed Jessica Graziano as controller and principal accounting officer. She joins the equipment rental company from Revlon, where she most recently served as chief accounting officer and corporate controller. Details inside.
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Blog
Toyota Motor Credit Probed for Lending Discrimination
The Department of Justice and the Consumer Financial Protection Bureau last month launched an investigation against Toyota Motor Credit over allegations of auto-lending discrimination practices, Toyota announced in a recent Form 8-K with the Securities and Exchange Commission. According to the agencies, “such practices resulted in discriminatory pricing of loans ...
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Article
SEC Whistleblower Program’s Latest Threat: Its Success
Corporate compliance officers may have a new reason to be uncomfortable with the Securities and Exchange Commission’s whistleblower program: how well it appears to be working. Tips are flooding into the SEC, including 3,620 in fiscal year 2014 alone. “The SEC has institutionally embraced the whistleblower statute,” says Brian Kenney, ...
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Article
Hidden Complexity in the New Rules for Revenue Recognition
Financial reporting and auditing experts are warning companies of surprises they may encounter as they continue to work their way through 700 pages of new accounting rules on how to recognize revenue in their financial statements beginning in 2017. The accounting standard update requires several new disclosures, for example. “There ...
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Blog
Some Predictions for the Coming Year in Corporate Governance
As 2014 enters its final month and the coming year looms just around the corner, it’s time for those lists of predictions of what 2015 will bring. Inside, columnist Richard Steinberg takes a look into his crystal ball for what developments will be shaping corporate governance in the coming year. ...
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Blog
CFTC Dives Back into Position Limits, Reopens Comment Period
Image: Dec. 2—The Commodity Futures Trading Commission is once again girding for battle over a controversial plan to impose position limits on futures contracts. On Dec. 3, notice was published in the Federal Register to announce the reopening of a public comment period on rulemaking that was put on hold ...
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ArticleNew Bribery Index Aimed at Corporate Use
Companies have a new resource to help assess bribery and corruption risks in the countries where they operate, one that aims to be more meaningful to global companies than Transparency International’s widely used Corruption Perceptions Index. Trace International’s TRACE Matrix is intended specifically for corporate use, and it analyzes four ...
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Blog
OECD Report: Foreign Bribery Enforcement on the Decline
A report from the Organization for Economic Co-operation and Development reveals that the number of sanctions against companies and individuals for the bribery of foreign government officials appears to be declining. According to the report, 42 foreign bribery cases concluded last year, significantly lower than the 78 foreign bribery cases ...