CFOs

News & Analysis as of

Crossing a New Bridge: Compliance Officers and Financial Controls

Compliance officers face plenty of challenges. The list of close allies always includes the General Counsel, Internal Audit, Human Resources and Procurement officials. In two recent surveys, CCOs reported that they do not...more

[Event] The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? - June 25, Waltham, MA

LeClairRyan invites you to join us for a free half-day seminar The 2015 Accountant Liability Update, A Game of Risk: To Play or to Win? Predictability. Focus. Staying on Point. On a familiar playing field – you can make...more

Economic Downturn Week, Part III – The Desktop Risk Assessment

I continue my exploration of actions you can take to improve your compliance program during an economic downturn with a review of what my colleague Jan Farley, the Chief Compliance Officer (CCO) at Dresser-Rand, called the...more

Religious Institutions Update: May 2015

Religious institutions commonly keep ministry supporters and members abreast of developments through newsletters, correspondence and other communications. Sometimes, the developments reported are embarrassing to those...more

CFOs Ordered to Return Bonus and Profits Due to False Financial Statements

The Securities and Exchange Commission recently ordered two former CFOs of Saba Software, Inc. to reimburse the company for stock-sale profits and bonuses accrued during the 12-month periods following its materially false and...more

Corporate and Financial Weekly Digest - Volume X, Issue 7

In this issue: - CFTC’s Energy and Environmental Markets Advisory Committee To Hold Meeting - CFTC Announces Members of Market Risk Advisory Committee - NFA Notifies SDs and MSPs of Annual Questionnaire...more

SEC "Claws Back" Bonuses and Stock Sale Profits From CFOs of Public Company Charged With Accounting Fraud

On February 10, 2015, the SEC announced settlements with two former chief financial officers of Saba Software, a Silicon Valley software company, that require the CFOs to repay Saba more than $500,000 in bonuses and profits...more

Bank, CFO Settle Accounting Charges with SEC

The SEC filed settled accounting actions with a financial institution and its CFO, keyed to a restatement. The accounting issue focused on deferred tax assets and the failure to have the related reserve. In the Matter of...more

CFO’s Thirst for Wine Club Invitation Costs Hospital Millions

You can’t make this stuff up. Last Monday a federal court in Rhode Island ordered two insurance companies to pay a $30 million claim by hospital management company Lifespan Corp. Lifespan filed the claim after being ordered...more

New Report Recommends Sustainability Tools to EPA

At EPA’s request, the National Research Council (NRC), the policy arm of the National Academy of Sciences, has authored a report that recommends tools and approaches that EPA might use to operationalize its growing focus on...more

The Horror of Dracula and Internal Controls in International Locations, Part I

This Friday we celebrate the second in the Hammer Films horror series, which was actually its first offering, based on Count Dracula, entitled “Horror of Dracula”. It starred the famous Hammer Films horror movie two-some of...more

SEC Gives Itself the Home Court Advantage in an Accounting Fraud / Internal Controls Action Against a Corporate CEO

An otherwise mundane SEC announcement on July 30, 2014 of an enforcement action charging a public company CEO and CFO with accounting fraud and internal controls violations is significant because the SEC is proceeding against...more

Rogue CFO III – Background Checks

Perform Background Checks. It seems obvious. Why would a company not want as much information about a candidate for its CFO position that it can legally obtain? But this oversight is common. Too many smaller companies hire...more

SEC Settles Financial Fraud Charges With Issuer, CFO

The Commission filed settled financial fraud charges against an issuer which discovered and remediated a series of accounting issues and the CFO who caused the books and records to be falsified, eventually resulting in a...more

Rogue CFO II – Internal Accounting Controls and Supervision

Our second article in the series, “Rogue CFO,” covers some common sense processes that all too often are missing in smaller businesses – workable controls and verification. ...more

Rogue CFO I- Introduction

Small, privately owned corporations deal with all types of challenges: competition, government regulations, recessions, rising cost of benefits for employees —the list is long. But one area that seems to be a persistent...more

SEC Names Company, Eight Directors and Officers In Financial Fraud Actions

Since the market crisis enforcement officials have heard repeated calls to prosecute not just companies but high ranking corporate officials. While the Commission brought a series of market crisis actions against firms and...more

Adopt an Internal Whistleblower Policy

It is highly recommended for companies and organizations to implement a strong internal whistleblower policy. The primary reasons for a corporate whistleblower system are to protect the company and its chief executive officer...more

Do Misstated Financial Statements Cause CEOs To Speed?

Should companies look into the driving records of the CEOs that they hire? Robert H. Davidson, Aiyesha Dey, and Abbie Smith answer that question in a forthcoming Journal of Economics paper. These authors examined a sample...more

Do CFOs act as ‘invisible users’ like GCs do?

Readers of this blog are well acquainted with the “In-House Counsel New Media Engagement Survey,” the study that Greentarget conducts with consultant Zeughauser Group and InsideCounsel. Since we first published the study in...more

Bribery, Corruption, and Third Party Risks - What Can You Do.

Please see full Infographic below for more information....more

Polsinelli Podcast - Emerging Technology & Startup Companies [Video]

It used to take years to get an idea to market. But these days, the next "big thing" can be launched from your tablet or phone. Today's entrepreneurs have a whole host of business and legal issues to be aware of including...more

Can't You Hear Me Knocking? The Dreaded Preference Demand

You are in your office finishing your morning espresso when you receive an email from the CFO of your companies' U.S. subsidiary. Attached to the email is a letter from a U.S. law firm. Instinctively, you know this can't be...more

"The SEC’s Private Equity Enforcement Concerns"

On January 23, 2013, Bruce Karpati, Chief of the Asset Management Unit (the “AMU”) of the Enforcement Division of the Securities and Exchange Commission, addressed the Private Equity International Conference in New York. Mr....more

Canadian Anti-Corruption Amendments

Following the announced amendments to Canada’s Corruption of Foreign Public Officials Act (CFPOA), which we wrote about here, there are changes that will likely bring more scrutiny for Canadians and Canadian businesses...more

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