News & Analysis as of

Corruption Financial Reporting

The Volkov Law Group

Kraft Foods Agrees to Pay $62 Million for Misstatements in Financial Report

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Recently, the SEC announced a settlement with Kraft Foods for $62 million and with two Kraft executives for financial reporting misstatements.  Along with the corporate settlement with Kraft, the SEC announced proposed...more

The Volkov Law Group

What Happens When a CFO Fails to Listen to the CCO?

The Volkov Law Group on

Chief financial officers are powerful players in the corporate governance landscape. CFOs play a critical role in the management and oversight of the company’s internal accounting controls. Sarbanes-Oxley lifted the...more

The Volkov Law Group

COSO Framework: Fraud, Corruption and Compliance (Part I of II)

The Volkov Law Group on

Global companies need to actively work to prevent fraud and corruption. Fraud and corruption go hand-in-hand. To commit bribery, bad actors have to gain access to money for unauthorized (illegal) purposes. A failure to...more

The Volkov Law Group

CCOs and CFOs: Bringing Everyone Together

The Volkov Law Group on

Chief compliance officers are politicians and have to possess great interpersonal skills. They have to “get along” and persuade key constituencies — most especially their business partners – to commit and devote time and...more

Thomas Fox - Compliance Evangelist

New Revenue Recognition Standard – Part VI: What Does Mean?

Over several blog posts, I have explored in detail the new Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which set forth a new Revenue...more

Thomas Fox - Compliance Evangelist

Shareholders Will Get to Trial in Petrobras Corruption Scandal Action

Yesterday I wrote about what may well be the next great bribery and corruption scandal across the globe involving the Venezuelan state oil company Petroleos de Venezuela SA (PDVSA). However, the current largest corruption...more

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