Compliance

Former Clinton CFO, CFTC head Gary Gensler expected to be named SEC chief

Should the Senate confirm the long-time Washington policymaker, he will likely prioritize ESG reporting and tighter regulatory safeguards.

By Robert Freedman • Jan. 14, 2021

Deep Dive

2021 Outlook: Why, and how, the CFO should lead ESG efforts

This year, CFOs should prepare their companies for increased scrutiny on environmental, social and governance performance, if they haven't already. 

By Jane Thier • Jan. 12, 2021

As fraud rises, CFOs must approach numbers skeptically, report finds

Executives might be committed to accuracy, but middle managers and others throughout the organization must be on board, too.

By Robert Freedman • Jan. 12, 2021

Hotels, restaurants to get larger PPP loans

The second round expands eligible uses to cloud computing and other operational expenses as well as essential supplies.

By Robert Freedman • Jan. 05, 2021

Leveraged lending not a threat to stability, federal watchdog says

Leveraged lending and collateralized loan obligations — flagged by federal agencies for risks before the pandemic — have stabilized since March but regulators are watchful, according to a GAO report. 

By Jim Tyson • Dec. 22, 2020

China's Luckin Coffee falsified sales; hit with $180M SEC fine

The company misstated earnings and revenue to suggest it was achieving rapid growth and increased profitability when it wasn't, the agency says in its settlement agreement. 

By Robert Freedman • Dec. 17, 2020

Feds OK 18-month LIBOR reprieve

Existing instruments are expected to be main beneficiaries; new issues still on track to use different rates.

By Robert Freedman • Dec. 14, 2020

SEC fines GE $200M, disclosure failures of cost estimate changes at core of penalty

The company never disclosed some profits from its power business stemmed from changes to cost estimates, not increased business, the SEC alleges. 

By Robert Freedman • Dec. 10, 2020

Cheesecake Factory misled on COVID-19 disclosures, SEC says

The company told the SEC it was operating sustainably, but only had 16 weeks of cash available.

By Robert Freedman • Dec. 05, 2020

Sustainability reporting nearly universal among large companies, survey finds

Although some reporting standards are widely used, there isn’t a single framework for companies to ensure accurate measurement and communication of their environmental impact, a KPMG survey found. 

By Robert Freedman • Dec. 02, 2020

Transition away from US dollar LIBOR, bank regulators say

The rate-setting index goes away in a year, but banks are advised to start using other rates now. 

By Robert Freedman • Dec. 01, 2020

Last-ditch SEC effort on gig worker equity pay expected to fail

A Biden administration is unlikely to support internet platform companies' desire to pay up to 15% of gig workers' pay in shares.

By Robert Freedman • Dec. 01, 2020

SEC charges e-commerce startup with defrauding investors

CEO Andrew Chapin told investors Benja was a successful online advertising platform, generating millions of dollars in revenue from popular consumer clothing brands and retailers, but it wasn't. 

By Robert Freedman • Nov. 24, 2020

IRS reiterates PPP-paid expenses not deductible if loan forgiven

Lawmakers will seek to reverse the guidance in upcoming legislation.

By Robert Freedman • Nov. 22, 2020

SEC Chairman Jay Clayton to step down

The agency's focus included deregulation, IPOs and the whistleblower program under the Trump appointee's leadership.  

By Robert Freedman • Nov. 16, 2020

Opinion

Using data analytics to improve audit functions

Data analytics let finance leaders employ a risk-based approach to conducting internal and compliance audits and prioritize improvements when problems are found.  

By Greg Buchanan, Michael Costa and Ed Levy • Nov. 08, 2020

Violators pay SEC a record $4.7B in judgments

The agency brought hundreds of enforcement actions against companies and individuals in the fiscal year just closed, despite the pandemic. 

By Robert Freedman • Nov. 04, 2020

Wirecard CFO released from jail amid accounting fraud investigation

Burkhard Ley was released on bail Monday after German prosecutors found most of the fraudulent fintech's crimes to have been committed following his departure from the company in 2017.

By Jane Thier • Nov. 04, 2020

SEC hits Goldman Sachs with $2.9B bribery fine; $174M in compensation clawed back

The penalty is the largest imposed on a U.S. company under the Foreign Corrupt Practices Act, the Department of Justice says. 

By Robert Freedman • Oct. 25, 2020

SEC charges Andeavor for inadequate controls

The company failed to show a stock buyback complied with a policy prohibiting repurchases while it was in possession of material non-public information.

By Robert Freedman • Oct. 20, 2020

SEC eases auditor independence rules

Audit firms are less likely to get in trouble for working with affiliated companies.

By Robert Freedman • Oct. 19, 2020

Pandemic increases need for specialists to aid accounting teams

The American Institute of CPAs, with partner groups, has released guidelines to help finance chiefs as they manage non-accounting experts to help with valuations, other disrupted work.  

By Ted Knutson • Oct. 15, 2020

Efforts to increase IPOs through deregulation gets thumbs down from SEC commissioner

IPOs have been declining for years, but "reflexively blaming overregulation" is not the answer, SEC Commissioner Allison Herren Lee said. 

By Ted Knutson • Oct. 12, 2020

COVID-19 intensifying audit committee work

Helping CFOs and their teams make forward-looking assessments against pandemic uncertainty has become a focus, a survey shows. 

By Robert Freedman • Oct. 11, 2020

SAExploration CEO, CFO accused of accounting fraud

The SEC has accused the Houston-based seismic data company of perpetrating a $100 million accounting fraud involving routing payments through shell companies.

By Jane Thier • Oct. 09, 2020