Compliance: Page 40
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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. 4, 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. 4, 2020 -
Trendline
Financial reporting enters a new age
Finance leaders are increasingly relying on metrics including churn, net promoter score and customer growth to reveal company performance in a way traditional GAAP measures cannot.
By CFO Dive staff -
SEC. (2020). "Goldman" [Photo]. Retrieved from SEC.
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. (2020). "Andeavor" [Photo]. Retrieved from SEC.
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 -
(2020). Retrieved from SEC.
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. 9, 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. 8, 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. 6, 2020 -
Retrieved from TikTok on August 14, 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. 1, 2020 -
SEC. (2020). "HP" [Photo]. Retrieved from SEC.
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. 1, 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. 1, 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 -
SEC. (2020). "Bohra complaint" [Photo]. Retrieved from SEC.
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 -
SEC. (2020). "Revolution Lighting" [Photo]. Retrieved from SEC.
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 -
Courtesy of Wells Fargo multimedia resources
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 Jennifer 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. 9, 2020
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