In today’s edition of Daily Compliance News:
Tag: PCAOB
Welcome to From the Editor’s Desk, a podcast where co-hosts Tom Fox and Kyle Brasseur, EIC at Compliance Week, unpack some of the top stories which have appeared in Compliance Week over the past month, look at top compliance stories upcoming for the next month, talk some sports and generally try to solve the world’s problems.
In this month’s episode, we look back at top stories in CW from August around the first CCPA enforcement action, the PCAOB deal with China on audits of Chinese companies listed on the NYSE, and potential bank fines for ephemeral messaging apps. We previewed some upcoming CW events, including the ESG virtual event, CW 2022 in Europe, which will be held in Scotland, and the virtual 3rd Party Risk conference, scheduled for December.
We conclude with a look at some of the top sports stories, including a look at the Deshaun Watson resolution and debate whether it could have been handled any worse by the NFL and Browns; Tom Brady leaves the Bucs for 10 days during the preseason; and what does this mean for the regular season? Ichiro and what is greatness?
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.
