A new report from CFO magazine highlights the dangers of hiring former executives from the same firm that conducts your external audit. “Requiring top corporate executives to be only a year or two removed from a prior job with the company’s auditor is insufficient,” writes author, David McCann. The report Read More
Reuters is reporting that the new head of the Consumer Financial Protection Bureau may be behind the lack of progress in the investigation in the Equifax data breach that occurred last fall. “Mick Mulvaney, head of the Consumer Financial Protection Bureau, has pulled back from a full-scale probe of how Read More
Research firm Audit Analytics is predicting that more than a few companies will struggle with the new revenue recognition rule changes. “We have been asked several times whether or not the adoption of the new revenue recognition standard will cause an increase in the number of restatements and control failures. Read More
Every quarter, the Consumer Financial Protection Bureau formally requests its operating funds from the Federal Reserve. Last quarter, former director Richard Cordray asked for $217.1 million. Cordray, an appointee of President Barack Obama, needed just $86.6 million the quarter before that. And Wednesday, President Donald Trump’s acting CFPB director, Mick Read More
A new global study released by software firm Pegasystems Inc. reveals that 82 percent of European consumers plan to exercise their new rights to view, limit, or erase the information businesses collect about them. With comprehensive EU regulations on company data practices taking effect in May 2018, businesses must be prepared to Read More
The monetary value of the top workplace class-action settlements rose dramatically in 2017, eclipsing the previous high reached two years earlier by almost 10 percent, according to the latest annual report by law firm Seyfarth Shaw. The top 10 settlements last year had an aggregate value of $2.72 billion, compared Read More
On Wednesday, November 29, 2017, United States Deputy Attorney General Rod J. Rosenstein announced a new Justice Department FCPA Corporate Enforcement Policy. The policy is intended to improve upon and make permanent the FCPA Pilot Program, that was announced on April 5, 2016, to enable DOJ to efficiently identify and Read More
According to a new survey conducted by the National Association of Corporate Directors, board members say they are not getting enough information from corporate functions, including internal audit, on such issues as cyber-risk, corporate culture, and strategic risks. According to the survey, it was rare for a director to get Read More
As part of its current focus on non-GAAP measures, the SEC has questioned whether companies and audit committees have implemented appropriate controls regarding the disclosure of such measures. In response, Deloitte recently issued a report discussing the types of controls that could be established and provides high-level examples of control Read More
