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Entries in Accounting (43)

Wednesday
Aug272014

Cash economies can hinder audit of books and records and internal controls compliance

Pete from DC, a compliance professional who's always been a good friend of the FCPA Blog, sent this comment to our post about Indonesia's cash-based economy. The post said in the country of 240 million people, a large majority don't have bank accounts, and even some big businesses rely entirely on cash.

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Friday
Jul192013

Travel and Entertainment Expenses: Mitigating Risk Through Use of Technology

When it comes to global bribery laws and FCPA compliance, travel and entertainment expenses and the reimbursement process are enormously meaningful in many ways. So how can you make sure that your risk, compliance, and audit departments are properly tracking these processes and effectively mitigating risk?

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Monday
May202013

Measuring internal controls

As reported last week, the Las Vegas Sands said it has improved its internal controls. The board's audit committee, according to the company, now believes the internal controls 'do not represent a material weakness . . . over financial reporting.'

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Tuesday
Apr092013

SEC releases final settlement order with Philips

The Securities and Exchange Commission on Tuesday released its final administrative order against Dutch electronics firm Koninklijke Philips Electronics N.V. reflecting an out-of-court settlement of FCPA-related allegations.

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Friday
Mar012013

Year's first FCPA enforcement action flies under the radar

In what is thought to be the first FCPA-related enforcement action ever taken against a China-based company, the SEC entered into a joint settlement yesterday with Keyuan Petrochemicals Inc. and its former CFO, Aichun Li, over alleged violations of the books and records and internal controls provisions of the FCPA, and anti-fraud and reporting provisions of other federal securities laws.

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Tuesday
Jan222013

Revisiting the Definition of 'Declinations'

In a recent post, the FCPA Professor questioned the broad application of the label “declination” to any instance of FCPA scrutiny that does not result in an FCPA enforcement action.

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Wednesday
Dec262012

Morris Weissman faces hearing next month

A status conference in U.S. v. Weissman before Judge Barbara S. Jones in New York City has been scheduled for January 3.

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Monday
Dec242012

Judge Leon rejects SEC, IBM settlement

A federal judge Thursday angrily rejected a proposed 2011 settlement between the SEC and IBM, saying the  company should be required to report all accounting violations and not just FCPA anti-bribery problems.

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Monday
Dec172012

Allianz in $12.4 million settlement with SEC

The Securities and Exchange Commission said Monday it has resolved an FCPA enforcement action against Germany-based insurance and asset management company Allianz SE.

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Monday
Nov052012

China companies grow skittish about U.S. listings

Chinese companies that listed securities on U.S. stock exchanges have been hit hard by shareholder actions.

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