The SEC recently proposed new rules regarding property disclosures for mining registrants. Take a look at the details of the rules below:Read More
On June 9th, Big Four auditing firm, KPMG, stepped down as FIFA’s auditing firm after working with them for more than 16 years. KPMG has confirmed its resignation, but declines to comment further. Many questions have been raised as to why a Big Four auditing firm missed or looked passed so many red flags. FIFA has been in the news a great deal the first half of this year with a new president, uncovered and hidden bonuses to
executives, and internal audit stepping down.
Today, more information has been released on the corruption with FIFA. The last FIFA blog post, "Who Does FIFA Answer to?", focused on the May, 2015 corruption that was uncovered by the FBI. The president at the time was Sepp Blatter. U.S. law firm, Quinn Emanuel Urquhart & Sullivan, have performed extensive research and analysis on FIFA in the past year and the findings are shocking.Read More
Tags: Internal Controls, best-practice, internal audit, Hong Kong, deficiencies, future trading, SFC, China, Fined, compliance, Compliance in China, accounting, securities and futures commission, short sales, internal controls failures
10 years ago today Enron Chairmen and CEO Kenneth Lay and CEO and COO Jeffrey Skilling were convicted. The top executives at Enron cheated investors and set a negative tone at the top. Enron overvalued assets and used complex accounting gimmicks like overestimating future income and cash flow. The FBI states that to date Enron was the most complex white collar crime investigation they have dealt with.Read More
Tags: Enron, Jeffrey Skilling, Enron Scandal, 10 years ago, Sarbanes-Oxley, COSO, COSO 2013, Keep Skilling in Jail, internal control 2013, sox and coso, 2013 coso internal control framework, sox coso framework, fbi, Kenneth Lay, 10 years, coso framework, coso sarbanes oxley
FIFA Headquarters - Zurich, Switzerland
The Fédération Internationale de Football Association, founded in 1904, as the governing body of association football, futsal and beach soccer for Belgium, Denmark, France, Germany, the Netherlands, Spain, Sweden and Switzerland. Today FIFA dominates the soccer and sport industry with over 210 national associations worldwide.
FIFA's 2015 Corruption:
In May of 2015, 14 people were indicted in connection with an investigation by the United States FBI and the IRS Criminal Investigation Division into wire fraud, racketeering, and money laundering. The United States Attorney General simultaneously announced the unsealing of the indictments and the prior guilty pleas by 4 football executives and 2 corporations. Stepp Blatter led FIFA since 1998, but stepped down after the 2015 corruption was uncovered. He was suspended from Football for 6 years after breaching ethics guidelines. The U.S got involved because of suspicion of bribes of about $150 million in 2010. After uncovering the wire fraud and money laundering, the U.S asked other countries to step in and investigate as well, but that is up to the individual country and government.Read More
SEC Approves PCAOB, Form AP, on Disclosing Engagement Partner Name
PCAOB rules for disclosing the name of the engagement partner and information about other firms participating in audits have been approved by the SEC. Starting January 31, 2017, auditors will be required to fill out Form AP with the PCAOB disclosing all engagement partners working on public audits and information about other audit firms participating in the audit. This information will be searchable by engagement partner name, audit firm, or public company on a public database.Read More
FASB.ORG just issued an update to Topic 718 - here is the overview:Read More
This article is for our non-profit friends...
The SEC came out with this image today that details the rules applicable to US Financial Services Holding Companies and the significant changes to the FINRA rules since 2010. It is just overwhelming. Those of us who have said that regulation is difficult to follow can appreciate this image. Those of you who have said that regulations are easy to follow, take a look at this!