News & Analysis as of

Enforcement Actions Audit Committee

BCLP

Is It Time to Take a Fresh Look at Disclosure Controls and Procedures for CEO/CFO Certifications?

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In New England Carpenters Guaranteed Annuity and Pension Funds v. DeCarlo (Aug. 2023), the Second Circuit held, among other things, that CEO/CFO certifications mandated by SOX Section 302 constitute non-actionable statements...more

BCLP

Keep Track of Perquisites and Related Person Transactions: Recent Sec Enforcement Actions

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Over the past few years, the SEC has renewed its focus on public company failures to disclose perquisites  and related person transactions. As discussed under “Deeper Dive” below, most of the cases involve companies that...more

Health Care Compliance Association (HCCA)

[Event] 2023 Board & Audit Committee Compliance Conference - October 23rd - 24th, Fort Lauderdale, FL

Discover today's best practices for your role in healthcare compliance oversight - The Office of Inspector General of Health and Human Services expects healthcare board members, board audit/compliance committee members,...more

American Conference Institute (ACI)

[Event] 36th International Conference on the Foreign Corrupt Practices Act - December 4th - 5th, Washington, DC

The full agenda for ACI's 36th International Conference on the Foreign Corrupt Practices Act this December is now available. See why this event stands apart as the annual gathering for the worldwide anti-corruption...more

Jones Day

SEC Enforcement in Financial Reporting and Disclosure—2017 Year-End Update

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2017 will most likely be remembered as a year of transition, as the Securities and Exchange Commission’s enforcement actions indicate, at least in the near term, an emphasis on specific initiatives and retail investor...more

Parker Poe Adams & Bernstein LLP

Loss Contingency Disclosures - A Warning from the SEC

Companies frequently struggle with how to account for loss contingencies and when to make the related disclosures. A recent complaint by the SEC against RPM International, Inc. and its General Counsel highlights the...more

Cadwalader, Wickersham & Taft LLP

Enforcement at the Gates: SEC Action against Big Four Firm and New International Standards Highlight the Role of Accountants as...

In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more

The Volkov Law Group

The SEC’s Return to Accounting Fraud Enforcement

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Just like the ups and downs of the business cycle, SEC enforcement of accounting fraud cases follow an up and down trend as well. For example, during the financial crisis, SEC enforcement of accounting fraud cases took a back...more

WilmerHale

SEC Administrative Case Reinforces Current Emphasis on Internal Controls

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Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more

WilmerHale

SEC Enforcement Chief Highlights Focus on Reporting and Disclosure, Gatekeepers

WilmerHale on

Speaking at the Directors Forum in San Diego recently, SEC Enforcement Director Andrew Ceresney reviewed the SEC’s historical and current enforcement activity in the area of issuer reporting and disclosure, as well as the...more

Parker Poe Adams & Bernstein LLP

Enforcement Heats Up at the SEC

Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave the keynote address at last week’s Directors Forum 2016 in San Diego. In his speech, Mr. Ceresney made several points worth highlighting. First of all,...more

Dorsey & Whitney LLP

The SEC And Financial Fraud

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Financial fraud was a staple of SEC enforcement for years. Complex financial fraud cases in which the “books were cooked” to make earnings guidance, increase bonuses or for other reasons were the daily grist of SEC...more

Dorsey & Whitney LLP

SEC Files Settled Action Tied To Restatement

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The SEC filed another action centered on a restatement resulting from improper accounting and internal controls. In this instance the firm lacked procedures for dealing with related party transactions despite contrary...more

Katten Muchin Rosenman LLP

SEC Charges Four Individuals and Nutrition Company for Failure To Disclose Executive Perks

On September 8, the SEC charged a sports supplements and nutrition company, its former audit committee chairman and three of its current and former executive officers with committing accounting, disclosure and other...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest - Volume X, Issue 26

In this issue: - SEC Seeks Comment on Possible Enhancement of Audit Committee Disclosures - SEC Proposes Rule Requiring Executive Compensation Clawbacks - FINRA Requests Comment on Revised Discretionary...more

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