Compliance

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

SEC penalizes Hilton $600K for disclosure lapse

The federal agency used risk-based data analytics to find Virginia-based Hilton Worldwide Holdings in violation of requirements to disclose executive perks. 

By Robert Freedman • Oct. 08, 2020

As regulators step up data analytics, companies must do the same

Complying with government document requests is becoming too difficult and risky without predictive analytics tools, an e-discovery specialist says.

By Robert Freedman • Oct. 06, 2020

M&A politicization presents new CFO challenges

The Trump Administration's call for an American company to oversee U.S. operations of TikTok adds a level of uncertainty to future cross-border deals involving consumer technology.

By Ted Knutson • Oct. 01, 2020

HP hit with $6M fine for violating disclosure controls

The company used incentives to "pull-in" to the current quarter sales of supplies they otherwise expected to materialize in later quarters. 

By Robert Freedman • Oct. 01, 2020

Auditors can improve non-GAAP measures, group says

Inconsistent calculation of EBITDA and other metrics not used in formal reporting can be made more informative if they're subject to external review.  

By Robert Freedman • Oct. 01, 2020

Former Boston Grand Prix CFO arrested for federal fraud, tax scheme

Prosecutors have charged John Casey with eight counts of wire fraud, one count of aggravated identity theft, three counts of money laundering, and three counts of filing false tax returns.

By Jane Thier • Sept. 30, 2020

Companies lagging on LIBOR transition; lawsuits expected

There's little chance regulators will delay the December 2021 transition because of the pandemic, specialists say. 

By Robert Freedman • Sept. 29, 2020

Ex-Amazon tax manager hit with insider trading

The employee had access to calculations used to finalize numbers in the company's quarterly and annual earnings filings. 

By Robert Freedman • Sept. 29, 2020

Using data-analytics tool, SEC catches two companies' accounting violations

In a first, the agency used risk-based data analytics to uncover accounting and disclosure violations in the way the companies manage and disclose their earnings. 

By Robert Freedman • Sept. 28, 2020

Rotations don't lead to audit improvements, studies find

Efforts by firms to minimize disruption when engagement partners leave appear to work well in keeping audit quality high. 

By Robert Freedman • Sept. 27, 2020

SEC hits BMW with $18M fine for false sales disclosures

 Investors who purchased some $18 billion in company bond offerings were misinformed about the pace of the company's U.S. sales.  

By Robert Freedman • Sept. 27, 2020

Revolution Lighting hit with SEC accounting violations

The company is alleged to have inflated its reported revenues over a four-year period. The former CEO and CFOs of the company's largest division are among executives charged with falsifying information. 

By Robert Freedman • Sept. 24, 2020

AICPA makes PPP loan forgiveness tool available

Finance leaders for any entity that's received a federal PPP loan can access the tool for free to apply for forgiveness. 

By Robert Freedman • Sept. 23, 2020

IRS finalizes 100% bonus depreciation rules

Under changes enacted in 2017, machinery, equipment, computers, appliances and furniture are generally eligible for depreciation in the year they're put in service. 

By Robert Freedman • Sept. 22, 2020

Many banks not yet accepting PPP forgiveness applications

Lenders are awaiting more guidance from the federal government as well as potential legislative action on the Paycheck Protection Program.

By Jenn Goodman • Sept. 15, 2020

Employers face administrative burden under payroll tax deferral

Questions remain unanswered on how to account for 6.2% employee payroll tax holiday when tax filings come due next year.

By Robert Freedman • Sept. 09, 2020

Hedge fund chief tried manipulating Neiman Marcus bankruptcy auction, SEC says

The founder of Marble Ridge Capital is said to have prevented a rival bidder from offering more for an online asset of the retailer. 

By Robert Freedman • Sept. 09, 2020

CFOs face a new way of disclosing risk under SEC Regulation S-K changes

New requirements are less prescriptive and more principles-based, which could mean a less consistent approach to enforcement.

By Ted Knutson • Sept. 03, 2020

Employers face liability under payroll tax deferral guidance

Many employers could opt out of President Trump's pandemic relief order on concerns they could be left holding the bag for back taxes.   

By Robert Freedman • Aug. 31, 2020