The Securities and Exchange Commission and Fiat Chrysler Automobiles N.V., a London-based public company that sells vehicles through its Michigan-based subsidiary, agreed to settle charges that Fiat made misleading disclosures about an internal audit of its emissions control systems, according to a SEC press release. The SEC found that in Read More
The Securities and Exchange Commission has accused Evolution Lighting Technologies Inc. of committing accounting fraud and falsely inflating its reported revenues over a four-year period. The SEC announced the charges against the Connecticut-based company in a statement released this week. Four Revolution Lighting executives—CEO Robert LaPenta, former CFO James DePalma, Read More
New guidance from the U.S. Commodity Futures Trading Commission (CFTC) to its Division of Enforcement staff outlines factors to consider when evaluating companies’ compliance programs during enforcement investigations. The guidance reflects a principles-based approach that avoids prescribing specific guidelines for compliance program structures. The CFTC aims to encourage companies to Read More
Compliance officers are increasingly seeking technology solutions that improve their teams’ access to financial and operational data, and that provide risk monitoring and mitigation. Earlier this year, the U.S. Justice Department instructed prosecutors to evaluate data access and analysis at the companies they investigate. Recent settlement trends indicate that regulators Read More
Auditors at San Diego’s transportation and planning agency are accusing management of improperly making severance and sick time payments to employees, and failing to report the expenditures to the agency’s board of directors. The San Diego Association of Governments (SANDAG) Executive Director Hassan Ikhrata supervises an annual budget of nearly Read More
A performance audit of the King William County, Virginia, Treasurer’s Office casts light on a number of issues that go against accounting standards, the Daily Press reports. The audit highlights 21 problem areas, including $2 million in uncollected real estate taxes from 400 properties over 30 years. The report also Read More
Management at the Washington, D.C., Rail Operations Control Center (ROCC) fosters a toxic culture that puts customers at risk of physical harm, an audit conducted by the Washington Metrorail Safety Commission (WMSC) says. The 50-page WMSC audit report details more than 20 safety and structural issues in the 24-hour “nerve Read More
Timelines for security and compliance audits are largely unchanged in 2020, despite the disruptive impacts of COVID-19 on teams that are now working remotely, according to a recent survey of North American CISOs assessing the challenges facing security and compliance professionals. The survey, a joint effort between Shujinko and Pulse, Read More
Protiviti has updated its Guide to Business Continuity & Resilience to reflect today’s latest threats and business realities, especially in light of lessons learned from the COVID-19 pandemic. The 2020 guide includes answers to critical questions business leaders must ask to ensure they will be ready to respond when disaster Read More
The Securities and Exchange Commission is revising corporate disclosure requirements for the first time in more than 30 years. The Commission voted last week to adopt amendments that will modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. Read More
