News & Analysis as of

Internal Controls

The FCPA at 40 – Corporate Responsibility for Compliance

by Thomas Fox on

In two speeches last week Department of Justice (DOJ) Acting Principal Assistant Attorney General Trevor McFadden addressed multiple topics and issues around the Foreign Corrupt Practices Act (FCPA). The first set of remarks...more

Talking About Bribery in the Country Where I Bribed

I recently returned from a week in Amsterdam, addressing front-line compliance challenges, and attending several anti-corruption conferences. It was a surreal experience for me, for in 2003 I paid a “Dutch Agent approximately...more

Proskauer’s 2017 IPO Study

by Proskauer Rose LLP on

Proskauer’s Global Capital Markets Group has released its fourth annual IPO Study, a comprehensive analysis of U.S.-listed initial public offerings that priced in 2016, including an identification of IPO trends over a...more

US Federal Reserve System Publishes Annual Financial Statements

by Shearman & Sterling LLP on

The US Federal Reserve System released the 2016 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An...more

Blog: SEC Chief Accountant Addresses Audit Committee Effectiveness

by Cooley LLP on

In a recent speech at the University of Tennessee, “Advancing the Role and Effectiveness of Audit Committees,” SEC Chief Accountant Wes Bricker discusses his recommendations for — wait for it — improving the effectiveness of...more

Understanding the New DOJ Compliance Guidance: Part 2 – Autonomy, Resources, and Staffing

This is the second in a series of posts where we will explore critical elements of a successful compliance program. In February, the Department of Justice’s Fraud Section offered a new perspective on what the government...more

Two Restatements Results in Settled SEC Financial Fraud Charges

by Dorsey & Whitney LLP on

The Commission filed a settled financial fraud action centered on three restatements against a company and two of its officers last fall. It charged violations of Exchange Act Sections 10(b), 13(a), 13(b)(2)(A) and...more

FCPA Remediation Focus on Supervisory Personnel

by Michael Volkov on

The Justice Department’s FCPA enforcement and remediation focus on supervisory personnel is an interesting development. On the one hand, DOJ has been slow to bring individual criminal enforcement actions for FCPA...more

The Three Lines of Compliance Offense Versus The Three Lines of Compliance Defense

by Michael Volkov on

People crave simple solutions to complex problems. No, this is not a political statement, nor do I intend to wade into politics. This statement applies across the board – to business, compliance, government, and other...more

Will Culture Change at Uber Before It’s Too Late?

by Thomas Fox on

What happens when a company delivers a superior product or service which is enthusiastically embraced by the consuming public, has a contented, if not equally enthusiastic, public facing work force and the business itself...more

Building Trust in an Organization as a Step to Operationalizing Compliance

by Thomas Fox on

Earlier this week I explored LRN Corporation’s (LRN) 2016 Ethics and Compliance Program Effectiveness Report (Report). One of the key findings of the Report was that if there was greater employee trust, the values of ethics...more

Legal and Compliance Coordination – An Essential Foundation to an Effective Compliance Program (Part IV of IV)

by Michael Volkov on

Here is a profound grasp of the obvious – Lawyers can be difficult people. Some like to condemn the profession in its entirety (and carry with them a collection of lawyer jokes). As an attorney, I beg to differ. Many...more

Operationalizing Compliance – Natural Partners and Breaking Down Walls (Part I of IV)

by Michael Volkov on

An effective compliance program is built on internal coordination and relationships. Applying the Justice Department’s terminology, an effective compliance program is one that is operationalized. At first glance, you may...more

Saudi Arabia Approves New Corporate Governance Regulations

by Dechert LLP on

The publication of the Regulations is driven by the continued effort to attract additional foreign investment into the Kingdom and to harmonize the CMA’s own rules with those of the newly revised Companies Law2, as overseen...more

Deep Dive Due Diligence: Part V – Level III Due Diligence as a Board Tool

by Thomas Fox on

Today, I conclude my exploration of Level III, deep dive due diligence, by discussing how a this should be considered as a best practices tool by a Board of Directors in a broader sense. I am joined in this exploration by...more

The Value of Forensic Accounting Goes Beyond the Courtroom

by Foodman CPAs & Advisors on

Forensic Accountants play an integral role in the changing landscape of today’s business management and oversight. Successful business owners prepare for the possibility of malware attacks, internal fraud, lawsuits,...more

SEC Charges Five Senior Executives With Financial Fraud

by Dorsey & Whitney LLP on

Five executives took advantage of their employer’s weak internal controls to repeatedly misappropriate funds, causing a loss of over $11 million over a four year period beginning in 2008. The scheme was discovered when a firm...more

Creation of Roundabout and Operationalization of Compliance

by Thomas Fox on

Readers of this blog know of my love for progressive rock music and that my favorite prog rock group is Yes. You might understand how thrilled I was when the Wall Street Journal (WSJ), of all places, ran an interview with...more

Review, Revise and Re-Organize Your Company’s Internal Controls (Part II of II)

by Michael Volkov on

Assuming you made it through Part I of this two-part posting about internal controls, we need to consider a new approach to the design and implementation of internal controls....more

A New Approach to Internal Controls (Part I of II)

by Michael Volkov on

The Justice Department and the Securities and Exchange Commission have dedicated more time and energy to understanding a company’s internal controls and enforcing basic requirements that companies maintain effective internal...more

The General Cable FCPA Enforcement Action

by Thomas Fox on

The Department of Justice (DOJ) and Securities and Exchange Commission (SEC) continued their stunning run of 2016 Foreign Corrupt Practices Act (FCPA) enforcement actions right up to the end of the year with the announcement...more

Insight from the DOJ Fraud Section

by Robins Kaplan LLP on

Without fanfare, on February 8 the Fraud Section of the Department of Justice (DOJ) published new corporate compliance guidance on its public website. The guidance is presented as a set of topics and questions, entitled...more

KPMG Issues 2017 Global Audit Committee Pulse Survey

by WilmerHale on

Recently, KPMG released its 2017 Global Audit Committee Pulse Survey, which reports on audit committee activities based on survey responses from 800 audit committee members across 42 countries. Asking, "Is Everything Under...more

S.D.N.Y. Dismisses Dodd-Frank Whistleblower Retaliation Claim

In one of the first cases to address the standard governing a motion for summary judgment in a Dodd-Frank whistleblower retaliation case, Judge Jed S. Rakoff ruled that two former executives of Vista Outdoor Inc. (the...more

New DOJ Evaluation – Valuable Document for the Compliance Practitioner: Part II

by Thomas Fox on

Yesterday I began a two-part series on the Department of Justice (DOJ’s) “Evaluation of Corporate Compliance Programs” (Evaluation) posted on the Fraud Section website late last week. The document is an 11-part list of...more

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