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House Passes Bill Which Effectively Weakens the SEC

  
  
  
  
HCFS

House Committee on Financial Services Announcement

WASHINGTON – The U.S. House of Representatives today passed the “SEC Regulatory Accountability Act” (H.R. 1062), a Republican bill which despite its common-sense title would greatly restrict the ability of the Securities and Exchange Commission (SEC) to protect millions of American investors. 

Vibato's May Announcements

  
  
  
  
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It's an exciting month here at Vibato! Check out new website, CPE events, and informational resources!

PCAOB Open Meeting Re: 'Significant Unusual Transactions' Auditing Standards

  
  
  
  

The Public Company Accounting Oversight Board has scheduled an open meeting for 9:30 am on Tuesday, May 7, to consider reproposal of auditing standard, related parties, and related amendments, including amendments regarding significant unusual transactions. 

SEC charges CA officials with Defrauding Bond Investors

  
  
  
  

SEC charges City of Victorville, CA officials with Defrauding Municipal Bond Investors

SEC REPORT: Level Global Agrees to Pay More Than $21.5 Million to Settle SEC Insider Trading Charges

  
  
  
  

Level Global Investors have agreed to pay more than $21.5  million in fines to the SEC to settle charges that it’s Co-Founder, Anthony Chiasson, engaged in insider trading in the securities of of Dell Inc. and Nvidia Corp.  Also charged was former analyst, Spyridon “Sam” Adondakis, five investment professionals, and the hedge fund advisory firm, Diamondback Capital Management.

Vibato launches new website AccountingTemplates.com

  
  
  
  
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Vibato, LLC, has officially launched a new sister website www.AccountingTemplates.com. This site allows users to browse through hundreds of Sarbanes-Oxley, ISO, PCI, and external-audit compliance-ready accounting and information technology (IT) related policies, procedures, checklists, and templates.

PCAOB Proposal: Mandatory Auditor Rotation

  
  
  
  

An effort made by the Public Company Accounting Oversight Board (PCAOB) to require companies to rotate their auditors is receiving an overall negative response from the community it would affect.

Keep Skilling In Jail - Article & Petition

  
  
  
  
www.KeepSkillingInJail.com

5 Reasons why YOU should speak out against Jeffrey Skilling’s early jail release.

JP Morgan set to Revisit their Internal Control Procedures

  
  
  
  
CEO of JPMorgan, Jamie Dimon, expresses confidence in the upswing of the economy based on the first-quarter results of the New York-based bank. Pointers of this are that the bank had set aside less budget to cover bad loans in its retail banking business, and that housing prices were beginning to improve. The bank funded $53 billion in mortgages, which is 37% higher than last year.
 
JPMorgan’s structure however, may not be doing as well as the recovering economy. A year ago, they reported a surprise trading loss, which lead to management changes, a pay cut to Dimon as CEO, and being held under a magnifying glass by the SEC.
 
Dimon explained the banks “top priority” was make sure it is in compliance with regulations, and that “there is room for compromise in meeting our obligations to comply with new regulatory requirements and ensure that our systems, practices, controls, technology and, above all, culture meet the highest standards”.
 
Despite that downfall, the bank made $6.1 billion in the first quarter, after paying out preferred shareholders. That same quarter last year came in at 36% less, with a profit of $4.6 billion. 
 
We will keep an eye on their internal control reports and let you know about the progress they are claiming they are making in their efforts to make their company a better and safer investment.


KPMG Partner Busted for Insider Trading

  
  
  
  
It’s been a big week for KPMG. They resigned as external audit from Herbalife and Skechers and fired the Senior Partner, Scott London, for insider trading. London had been at the firm for 29 years.
 
London has been allegedly selling confidential information for the last two years as the Partner in Charge on both client accounts. No one under him is being questioned as he seems to have been working alone.
 
This allegation led to a halt on stock trading for both the companies. After its lift, Skecher’s stock rose 2.6 percent while Herbalife’s fell modestly.
 
Both the FBI and SEC are investigating the allegations.
 
For more information check out this video from CNBC http://www.cnbc.com/id/100627060
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