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FCPA Blog Daily News

Entries in Accounting (47)


Do internal controls have a fatal flaw?

The name sounds objective and exact -- even scientific. The internal controls provisions. But in real life, how do internal controls measure up? Do they work?

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Ex-Panasonic officers settle SEC charges after $280 million FCPA resolution

Two former senior executives of U.S.-based Panasonic Avionics Corporation settled SEC charges Tuesday related to FCPA offenses that Panasonic Corporation and the U.S. aviation unit settled earlier this year.

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Risk Alert: Are bribes lurking on the balance sheet?

When choosing transactions to test as part of anti-bribery assessments, the usual suspects include expense accounts like consulting, marketing, promotions, commissions, or miscellaneous. Other expense accounts are selected based on the nature of the company’s business, risk factors or descriptions of the account.

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Mead Johnson pays $12 million to settle SEC FCPA charges

Mead Johnson Nutrition Co. agreed to pay $12.03 million Tuesday to settle civil charges that it violated the Foreign Corrupt Practices Act.

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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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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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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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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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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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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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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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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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