Compliance
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SEC charges leaders of failed online pharmacy in $170M fraud case
SEC Chair Gary Gensler has stepped up enforcement since 2021, targeting investor fraud, cyber-related misconduct and misleading financial reporting.
By Jim Tyson • Sept. 13, 2024 -
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New ADM CFO to tackle ‘root cause’ of material weakness
Just weeks into his CFO tenure, Monish Patolawala said he’d prioritize remediating the accounting woes that have rocked the company this year.
By Maura Webber Sadovi • Sept. 4, 2024 -
Explore the Trendline➔
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TrendlineTop 5 stories from CFO Dive
The promises and traps of generative AI, revamped modern finance teams and stark geopolitical risks are among the top forces CFOs are grappling with this year.
By CFO Dive staff -
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SEC fines credit rating firms $49M for record-keeping flaws
Employees at some of the firms routinely discussed credit ratings on their personal communication devices, the SEC said.
By Jim Tyson • Sept. 4, 2024 -
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ESG controllers: The newest finance hires
Depending on the company’s structure, the specialized controllers often report to the corporate controller or the CFO, Deloitte’s Kristen Sullivan said.
By Maura Webber Sadovi • Sept. 3, 2024 -
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Trump case sparks request for FASB accounting rule revamp
Daniel Tinkelman, a professor of accounting at Brooklyn College of the City University of New York, is asking the FASB to revise and clarify the GAAP rules.
By Maura Webber Sadovi • Aug. 29, 2024 -
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Only 58% of executives assessed business risks of AI: PwC
Rapid advances in AI outpace efforts to contain the risks from the technology, according to executives and officials.
By Jim Tyson • Aug. 29, 2024 -
"U.S. Securities and Exchange Commission headquarters" by AgnosticPreachersKid is licensed under CC BY 3.0
SEC charges Navy shipbuilder Austal with accounting fraud
Austal understated an accounting metric known as “estimate at completion” for the construction of Littoral Combat Ships, according to SEC allegations.
By Jim Tyson • Aug. 28, 2024 -
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Super Micro delays 10-K filing to assess internal controls
The AI server maker delayed its 10-K as experts partly blame a recent spike in tardy annual reports on the accounting talent shortage and increased regulation.
By Maura Webber Sadovi • Aug. 28, 2024 -
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SEC approves tougher rules targeting auditor ‘negligence’
Two out of the agency’s five commissioners voted against the stricter standards, warning that they may hinder efforts to expand the ranks of auditors.
By Jim Tyson • Aug. 21, 2024 -
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FTC exceeded its authority with noncompete ban, judge says
The agency’s rulemaking under Sec 6(g) of the FTC Act is procedural, not substantive, Judge Ada Brown of Texas federal court says, blocking a nationwide rule that would have taken effect shortly.
By Robert Freedman • Aug. 21, 2024 -
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Icahn Enterprises pays $1.5M to settle SEC charges
The civil penalties come more than a year after a short seller’s report lambasted Icahn Enterprises for alleged “Ponzi-like economic structures.”
By Grace Noto • Aug. 19, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC doubles down on its portrait of ex-CFO’s firing
The bank detailed mementos and texts Nadine Ahn and another exec exchanged, a promotion plan called “Project Ken” and a time when Ahn fired an employee in a “substantively identical” situation.
By Dan Ennis • Aug. 19, 2024 -
CFO Editorial Staff
PCAOB says deficiencies rise among reports by audit firms
Inspections of nearly half of the firms’ engagements reviewed by the PCAOB revealed evidence that the auditor failed to obtain enough evidence to support its opinion.
By Jim Tyson • Aug. 16, 2024 -
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SEC imposes $390M in fines in crackdown on shoddy record-keeping
The agency that regulates Wall Street in the past year has slammed several financial services companies for flawed record-keeping.
By Jim Tyson • Aug. 15, 2024 -
"U.S. Securities and Exchange Commission headquarters in Washington, D.C., near Union Station" by AgnosticPreachersKid is licensed under CC BY 3.0
SEC slaps $3.5M fine on former Ideanomics CEO for alleged fraud
Since its inception in 2004, Ideanomics has switched its business model at least three times, from video on demand to petroleum trading products to electronic vehicle services.
By Jim Tyson • Aug. 12, 2024 -
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IRS restarts review of employers’ claims for pandemic tax credit
The agency last year suspended processing applications for the Employee Retention Credit after reports of fraud.
By Jim Tyson • Aug. 9, 2024 -
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NJ law firm asks court to dismiss ex-CFO’s Chap. 11 bankruptcy case
The ex-CFO, who pleaded guilty to embezzling $1.5 million from his former employer, filed the petition for bankruptcy to delay pending litigation, the motion argues.
By Grace Noto • Aug. 9, 2024 -
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Most big-company clawback policies go beyond SEC rules
Companies tend to want more executives to give back more types of compensation for more types of problems than what the government requires of them, an analysis finds.
By Robert Freedman • Aug. 6, 2024 -
Matt Kapko/CFO Dive
Insured loss impact could reach $1B following CrowdStrike outage
Guy Carpenter said it could be worse: Had the incident involved a ransomware attack, losses could have reached $2 billion.
By David Jones • Aug. 5, 2024 -
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How to curb ‘key man risk’ and late SEC filings
The accounting talent shortage and increased reporting requirements helped create a “perfect storm” leading to more late SEC filings, UHY’s Ro Sokhi said.
By Maura Webber Sadovi • Aug. 2, 2024 -
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Accounting pipeline task force calls out 6 fixes
Reducing the time and cost of education needed to become a licensed CPA and raising starting salaries were among the solutions proposed in the final report.
By Maura Webber Sadovi • Aug. 2, 2024 -
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Ex-NJ law firm CFO sentenced to five years for $1.5M embezzlement scheme
The former finance chief is required to pay $1.5 million as restitution to his former employer, the NJ AG’s office said.
By Grace Noto • July 29, 2024 -
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Zelle, big banks challenge senators on scam reimbursements
Forcing banks to reimburse authorized payments could encourage bad behavior and would not deter scammers, bank executives said in a Senate hearing.
By Patrick Cooley • July 26, 2024 -
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Detroit nonprofit sues ex-CFO over alleged $40M embezzlement
The former finance chief breached his fiduciary duty and caused “enormous financial devastation,” according to the complaint.
By Alexei Alexis • July 25, 2024 -
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Judge deals major blow to SEC’s cybersecurity enforcement stance
“The decision substantially limits the SEC’s authority to challenge a company’s cybersecurity program,” attorney Mark Schonfeld said.
By Alexei Alexis • July 23, 2024
