Yearly Archives: 2019

Statement on Role of Audit Committees in Financial Reporting and Key Reminders Regarding Oversight Responsibilities

As the 2019 calendar year-end financial reporting season approaches, we are providing observations and reminders on a number of potential areas of focus for audit committees. Issuers and independent auditors also should be mindful of these considerations with an eye toward ensuring that audit committees have the resources and support they need to fulfill their obligations. To be sure, the…

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SEC Chief Enforcement Accountant Cites The Use Of Data Analytics, Self-Disclosure And Cooperation As Key Factors In Investigating Accounting Misconduct – Corporate/Commercial Law – United States

With more than 130 highly trained enforcement accountants at his disposal, Matthew Jacques, the Chief Accountant of the Securities and Exchange Commission (“SEC”), provided a firsthand glimpse into current enforcement objectives for policing accounting and auditor misconduct. Mr. Jacques was a featured panelist at the Securities Docket annual conference at the Mayflower Hotel in Washington, D.C. on Wednesday, October 23,…

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Exclusive: White House expected to nominate SEC lawyer for Democratic commissioner seat – sources – Reuters

The White House is expected to nominate Caroline Crenshaw, a Democratic attorney at the U.S. Securities and Exchange Commission, to fill an SEC seat being vacated next year by Democratic Commissioner Robert Jackson, according to three people with direct knowledge of the matter. Crenshaw currently works as an attorney in Jackson’s office. Senate Democratic Leader Chuck Schumer has sent Crenshaw’s…

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Hit for six: the SFO obtains a sixth DPA – Lexology

The Serious Fraud Office (SFO) has announced its sixth Deferred Prosecution Agreement (DPA), entered into with Güralp Systems Limited (GSL) in October 2019. GSL is a relatively small company producing seismic measurement devices that admitted conspiring to make corrupt payments to an individual in Korea to help obtain business. It also admitted to failing to prevent bribery by its employees,…

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UK: I’m Dreaming of a White (Collar) Christmas: 2019 in Review – Lexology

The year 2019 has been something of a mixed bag for the UK’s criminal and regulatory authorities. While the Serious Fraud Office (“SFO”) and Financial Conduct Authority (“FCA”) appear to have taken involuntary sabbaticals from successful criminal prosecutions, the National Crime Agency (“NCA”) is quietly lining the national purse with the proceeds of forfeiture orders obtained through Unexplained Wealth Orders…

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SEC Investigating BMW Over Sales Practices – WSJ

The Securities and Exchange Commission has opened an investigation into whether German luxury car maker Bayerische Motoren Werke AG manipulated sales figures, according to people familiar with the matter. The regulator is looking into whether the Munich-based auto maker engaged in a practice known as sales punching in the U.S., the people said. Sale punching occurs when a company boosts…

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SEC Approves 2020 PCAOB Budget and Accounting Support Fee

The 2020 PCAOB budget totals $284.7 million, an increase of approximately 4.0% from its 2019 budget.  The accounting support fee totals $270.2 million, approximately 2.8% more than the 2019 accounting support fee, of which $239.7 million will be assessed on public companies and $30.5 million will be assessed on broker-dealers.  The accounting support fee approximates the PCAOB’s annual budget, with…

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