Compliance
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Risks rise as COVID-19 compels companies to weaken due diligence: Refinitiv
The coronavirus has permanently broadened the risk landscape beyond financial crime, confronting CFOs with challenges that encompass environmental and social concerns.
By Jim Tyson • Nov. 29, 2021 -
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Little for CFOs to like in Build Back Better tax provisions
Even if the Senate softens the legislation, companies can expect to see more complicated tax compliance, especially if they operate globally.
By Robert Freedman • Nov. 29, 2021 -
Trendline
ESG transforming CFO role
Companies are turning to their CFO to identify ways to measure and report on their organization's environmental, social and governance (ESG) performance.
By CFO Dive staff -
697 companies hit with SEC violations in FY 21
GE, Kraft-Heinz, Robinhood, AT&T and Ernst & Young were among companies charged by the Securities and Exchange Commission.
By Robert Freedman • Nov. 24, 2021 -
Megan Quinn/CFO Dive
U.S. House panel passes bills tightening SPAC oversight
Two bills approved by the House Financial Services Committee signal support from lawmakers for tougher SEC regulation of SPACs.
By Jim Tyson • Nov. 17, 2021 -
SEC awarded record $564M to whistleblowers this fiscal year
The Securities and Exchange Commission in fiscal 2021 awarded more money to more people than in any year since its whistleblower program was authorized in 2010.
By Robert Freedman • Nov. 16, 2021 -
OpinionRecurring billing increases sales tax complexity
Organizations new to the subscription model could be surprised by the tax risk they create when they generate more of their sales on a recurring basis.
By Mike Beach and Liz Armbruester • Nov. 16, 2021 -
Photo by MART PRODUCTION from Pexels
Most big companies fail to fully detail board diversity despite SEC pressure
Even after pledging greater transparency, most large companies do not provide details on workforce diversity, a survey found.
By Jim Tyson • Nov. 15, 2021 -
Flaws high in work by small audit firms: PCAOB
Small audit firms have failed to overcome weaknesses as quickly as their larger rivals, the PCAOB’s acting chair said.
By Jim Tyson • Nov. 10, 2021 -
SEC staff veteran to head up audit watchdog PCAOB
Erica Williams cut her teeth at the staff level of the Securities and Exchange Commission then served as an advisor in the Obama White House on financial issues.
By Robert Freedman • Nov. 9, 2021 -
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Audit overseer gets teeth to seek Chinese cooperation on U.S.-listed companies
The SEC approved a framework by the Public Company Accounting Oversight Board for assessing whether jurisdictions are letting the watchdog check the audit quality of U.S.-listed foreign companies.
By Robert Freedman • Nov. 8, 2021 -
CFOs face far tougher federal financial oversight under Biden, attorneys say
A Department of Justice white-collar crime initiative will put companies and their finance teams under the spotlight in a way they weren’t under the Trump administration.
By Ted Knutson • Nov. 5, 2021 -
zefart/iStock/Getty via Getty Images
SEC to 'dig deeper' in cybersecurity enforcement
SEC guidance from 2018 has foreshadowed many recent cybersecurity enforcement actions by the agency’s Cyber Unit.
By Jim Tyson • Nov. 4, 2021 -
Lukas Schulze via Getty Images
Global rule maker created for ESG disclosure standards
CFOs aiming to adopt sustainability disclosure standards must currently choose from more than a dozen inconsistent, competing frameworks.
By Jim Tyson • Nov. 3, 2021 -
SEC. (2021). "DWAC" [Photo]. Retrieved from SEC.
Trump SPAC partner might have violated SEC curb on pre-IPO planning
The former president and the SPAC CEO are said to have discussed a deal before the blank-check company was registered, although some analysts say the issue isn't that simple, The New York Times reports.
By Robert Freedman • Nov. 1, 2021 -
Carol Highsmith. (2005). "Apex Bldg." [Photo]. Retrieved from Wikimedia Commons.
Shift makes it easier for FTC to block acquisitions
A policy passed in July lets the Federal Trade Commission preemptively stall an M&A deal if a company has run into anti-competitive problems before.
By Robert Freedman • Oct. 29, 2021 -
Streaming company disgorges $38.8M it generated from SPAC investors
Akazoo agreed to return the amount after generating $55 million from its merger with a special purpose acquisition company despite having no customers and only nominal revenue, the Securities and Exchange Commission says.
By Robert Freedman • Oct. 28, 2021 -
SEC chief accountant calls for safeguards for independent audits
"Not all audits are created equal," a top SEC official said, noting the imperative to "vigilantly maintain the independence of auditors."
By Jim Tyson • Oct. 27, 2021 -
Retrieved from Senate Banking Committee.
U.S. regulator warns of 'complacency' as LIBOR's end draws near
The phaseout of LIBOR is "an incredibly important issue facing the global financial system," a top U.S. regulator said.
By Jim Tyson • Oct. 26, 2021 -
Flaws persist in audits of U.S. companies: PCAOB
“We continue to identify a number of deficiencies that recur from year to year,” the U.S. audit watchdog said in a report.
By Jim Tyson • Oct. 19, 2021 -
More lawsuits a likely result of SEC shift on no-admit, no-deny settlements
By requiring more companies and officers to admit guilt to settle charges, the Securities and Exchange Commission is courting confrontation.
By Robert Freedman • Oct. 19, 2021 -
Numeral '4' called key to SEC spotting EPS manipulation
The prevalence of the number serves as a proxy for whether companies are improperly rounding up their earnings ratio.
By Robert Freedman • Oct. 11, 2021 -
Maddie Meyer via Getty Images
Federal government to seize home of CFO who embezzled $30M
Richard Hajjar, former CFO of Alden Shoe Co., was sentenced to 70 months in prison after pleading guilty to wire fraud, unlawful monetary transactions and filing a false tax return.
By Jane Thier • Oct. 6, 2021 -
Chip Somodevilla via Getty Images
End of LIBOR moving too slowly: Fed's Quarles
"The reign of LIBOR will end imminently, and it will not come back," says Fed Vice Chair Randal Quarles.
By Jim Tyson • Oct. 5, 2021 -
Joe Raedle via Getty Images
Food company CFO charged with 'theft by swindle'
Between 2013 and 2019, Thomas Wiechmann, Reichel Foods' CFO of 24 years, charged a total of $603,172.96 to company credit cards and kept the reward points, Minnesota District Court alleged in a complaint.
By Jane Thier • Sept. 29, 2021 -
Joe Raedle via Getty Images
Court upholds SEC 'gag rule' for executives who settle
The Securities and Exchange Commission has unique power to prevent defendants from challenging allegations they believe were never adequately proven, critics say.
By Robert Freedman • Sept. 28, 2021
