In today’s edition of Daily Compliance News:
· Elon Musk joins Twitter BOD. (WSJ)
· PCAOB fines former KPMG audit head. (WSJ)
· EU funding to Hungary at risk due to corruption. (FT)
· Closing arguments in Roger Ng trial. (Law360)
Tag: PCAOB
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week, Matt and Tom begin a special two-part podcast series of several topics they will be following in 2022. Today in Part 1, we consider
- The Biden Administration’s Strategy on Countering Corruption, specifically around FinCEN and AML enforcement and how it may impact FCPA enforcement.
- The PCAOB was long dysfunctional before the Trump Administration eviscerated it. How will it change under the Biden Administration?
- The SEC plans for the regulation of and reporting on ESG.
- FCPA enforcement for recidivist corporations after DAG Lisa Monaco’s speech in October 2021.
Resources
Matt in Radical Compliance
In today’s edition of Daily Compliance News:
- Goldman Sachs to paying $1.26 bn in fine. (Malay Mail)
- Former Bombardier exec charged with bribery. (Toronto Star)
- New white-collar cop on EU beat. (WSJ)
- Duhnke even more corrupt than we knew. (Bloomberg)
Categories
PCAOB Clean Sweep
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. This week Matt and Tom take a deep dive into the SEC Chairman Gary Gensler’s firing of the entire PCAOB Board, including Board Chair William Duhnke. Some of the issues we consider are:
- What does this mean for internal audit?
- What does this mean for compliance?
- What was the legal basis for these terminations?
- How did Duhnke create such a toxic culture at the PCAOB?
- What does this mean for ESG, cybersecurity and data analytics going forward?
Resources
Matt in Radical Compliance
The PCAOB House-Cleaning and You
In this episode I visit with one of my favorite people, Francine McKenna, a reporter at MarketWatch. We check in on the current developments in the KPMG-PCAOB scandal including recent guilty pleas, sentencing and where the matter might finally be headed. Some of the highlights include:
· A review of the Indictment and underlying facts.
· A review of the horrendous facts about KPMG that came out during the March trial.
· What does it say about the PCAOB that two of its former Board members were witnesses for the defense in the trial?
· What did all this mean for KPMG head Lynne Doughtie? What does all this mean for audit independence, particularly in the Jay Clayton era at the SEC?
· Where can listeners go for more information?
Resources
Francine McKenna on MarketWatch
MarketWatch website
Re: The Auditors blogsite
Categories
Changes at the PCAOB
Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly and I go into the weeds to explore the recent changes at the PCAOB made by SEC Chairman Jay Clayton.
Some of the highlights include:
- Why were the changes announced in a manner to hide them?
- Why were they such unusual personnel moves?
- Why would the SEC put someone on the PCAOB with no discernible qualifications for the role?
- Is the goal of Jay Clayton to do away with SOX 404 protection for investors?
- Does going public under SOX mandate investor protection?
- What else will Clayton pull to ram through his changes at the PCAOB and SEC?
- Why is WeWork such a power example right now?
For additional reading see the following:
Matt’s blog post, PCAOB Shakeup-What it Means for You, on Radical Compliance.
