Compliance: Page 34
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COVID-19 intensifying audit committee work
Helping CFOs and their teams make forward-looking assessments against pandemic uncertainty has become a focus, a survey shows.
By Robert Freedman • Oct. 11, 2020 -
(2020). Retrieved from SEC.
SAExploration CEO, CFO accused of accounting fraud
The SEC has accused the Houston-based seismic data company of perpetrating a $100 million accounting fraud involving routing payments through shell companies.
By Jane Thier • Oct. 9, 2020 -
Explore the Trendline➔
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TrendlineTop 5 stories from CFO Dive
The promises and traps of generative AI, revamped modern finance teams and stark geopolitical risks are among the top forces CFOs are grappling with this year.
By CFO Dive staff -
SEC penalizes Hilton $600K for disclosure lapse
The federal agency used risk-based data analytics to find Virginia-based Hilton Worldwide Holdings in violation of requirements to disclose executive perks.
By Robert Freedman • Oct. 8, 2020 -
As regulators step up data analytics, companies must do the same
Complying with government document requests is becoming too difficult and risky without predictive analytics tools, an e-discovery specialist says.
By Robert Freedman • Oct. 6, 2020 -
Retrieved from TikTok on August 14, 2020
M&A politicization presents new CFO challenges
The Trump Administration's call for an American company to oversee U.S. operations of TikTok adds a level of uncertainty to future cross-border deals involving consumer technology.
By Ted Knutson • Oct. 1, 2020 -
SEC. (2020). "HP" [Photo]. Retrieved from SEC.
HP hit with $6M fine for violating disclosure controls
The company used incentives to "pull-in" to the current quarter sales of supplies they otherwise expected to materialize in later quarters.
By Robert Freedman • Oct. 1, 2020 -
Auditors can improve non-GAAP measures, group says
Inconsistent calculation of EBITDA and other metrics not used in formal reporting can be made more informative if they're subject to external review.
By Robert Freedman • Oct. 1, 2020 -
Former Boston Grand Prix CFO arrested for federal fraud, tax scheme
Prosecutors have charged John Casey with eight counts of wire fraud, one count of aggravated identity theft, three counts of money laundering, and three counts of filing false tax returns.
By Jane Thier • Sept. 30, 2020 -
Companies lagging on LIBOR transition; lawsuits expected
There's little chance regulators will delay the December 2021 transition because of the pandemic, specialists say.
By Robert Freedman • Sept. 29, 2020 -
SEC. (2020). "Bohra complaint" [Photo]. Retrieved from SEC.
Ex-Amazon tax manager hit with insider trading
The employee had access to calculations used to finalize numbers in the company's quarterly and annual earnings filings.
By Robert Freedman • Sept. 29, 2020 -
Using data-analytics tool, SEC catches two companies' accounting violations
In a first, the agency used risk-based data analytics to uncover accounting and disclosure violations in the way the companies manage and disclose their earnings.
By Robert Freedman • Sept. 28, 2020 -
Rotations don't lead to audit improvements, studies find
Efforts by firms to minimize disruption when engagement partners leave appear to work well in keeping audit quality high.
By Robert Freedman • Sept. 27, 2020 -
SEC hits BMW with $18M fine for false sales disclosures
Investors who purchased some $18 billion in company bond offerings were misinformed about the pace of the company's U.S. sales.
By Robert Freedman • Sept. 27, 2020 -
SEC. (2020). "Revolution Lighting" [Photo]. Retrieved from SEC.
Revolution Lighting hit with SEC accounting violations
The company is alleged to have inflated its reported revenues over a four-year period. The former CEO and CFOs of the company's largest division are among executives charged with falsifying information.
By Robert Freedman • Sept. 24, 2020 -
AICPA makes PPP loan forgiveness tool available
Finance leaders for any entity that's received a federal PPP loan can access the tool for free to apply for forgiveness.
By Robert Freedman • Sept. 23, 2020 -
Fotolia
IRS finalizes 100% bonus depreciation rules
Under changes enacted in 2017, machinery, equipment, computers, appliances and furniture are generally eligible for depreciation in the year they're put in service.
By Robert Freedman • Sept. 22, 2020 -
Courtesy of Wells Fargo multimedia resources
Many banks not yet accepting PPP forgiveness applications
Lenders are awaiting more guidance from the federal government as well as potential legislative action on the Paycheck Protection Program.
By Jennifer Goodman • Sept. 15, 2020 -
Employers face administrative burden under payroll tax deferral
Questions remain unanswered on how to account for 6.2% employee payroll tax holiday when tax filings come due next year.
By Robert Freedman • Sept. 9, 2020 -
Daphne Howland/CFO Dive
Hedge fund chief tried manipulating Neiman Marcus bankruptcy auction, SEC says
The founder of Marble Ridge Capital is said to have prevented a rival bidder from offering more for an online asset of the retailer.
By Robert Freedman • Sept. 9, 2020 -
CFOs face a new way of disclosing risk under SEC Regulation S-K changes
New requirements are less prescriptive and more principles-based, which could mean a less consistent approach to enforcement.
By Ted Knutson • Sept. 3, 2020 -
Fotolia
Employers face liability under payroll tax deferral guidance
Many employers could opt out of President Trump's pandemic relief order on concerns they could be left holding the bag for back taxes.
By Robert Freedman • Aug. 31, 2020 -
PPP loan forgiveness could result in big tax bills
Unless Congress intervenes, the IRS will not allow businesses to write off wages and rent paid for with Paycheck Protection Program funds.
By Jennifer Goodman , Joe Bousquin • Aug. 31, 2020 -
SEC. (2020). "FCPA Action" [Photo]. Retrieved from SEC.
SEC charges Herbalife with foreign accounting violations
The multi-level marketing company will pay $123 million to settle charges the Securities and Exchange Commission, Department of Justice and the U.S. Attorneys Office for the Southern District of New York brought against it.
By Robert Freedman • Aug. 28, 2020 -
BorgWarner materially misstated its financial statements: SEC
In a settlement over its accounting for asbestos-related liability, the motor vehicle parts manufacturer agreed to pay a $950,000 penalty.
By Robert Freedman • Aug. 27, 2020 -
Super Micro Computer, CFO charged with speeding up revenue recognition
In the settlement, the company will pay $17.5 million, the CFO will pay $350,000, and the CEO will have $2.1 million in stock profits clawed back.
By Robert Freedman • Aug. 26, 2020
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