Enforcement Archive

Nov 05, 2013
Cindy Fornelli is the executive director for the Center for Audit Quality (CAQ), the organization dedicated to enhancing investor confidence and public trust in the global capital markets by fostering high-quality performance on the part of public company auditors. Here she speaks with Matthew Scott about conducting an auditor assessment and other responsibilities of the audit committee. 1 What should audit committees be most focused on right now?...
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Jul 23, 2013
Don’t be fooled by the numbers. It’s true that last year federal regulators announced almost 50 percent fewer anti-bribery enforcement actions than in 2011 – and almost three times fewer than the number announced in 2010. During the first three months of this year, the pace hardly quickened: there was only one announced settlement, and industry watchers aren’t even sure it qualifies as an FCPA case.  But April brought stirrings of new activity. According to...
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Jul 23, 2013
Recent Foreign Corrupt Practices Act (FCPA) enforcement actions by the Department of Justice (DoJ) and the SEC have taken place across a broad range of industries. The DoJ’s and SEC’s efforts demonstrate that companies with any degree of international presence need to consider the effectiveness of their anti-corruption compliance. And for any compliance program to be successful, it must be based on a robust FCPA risk assessment. Further, best practice requires companie...
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May 29, 2013
At a time when the spotlight on corruption of foreign officials is brighter than ever, it’s rare for a global company working on projects in over 100 countries to not have a chief compliance officer. SNC-Lavalin Group, the engineering and construction giant based in Montreal celebrated its centenary in 2011 but hired its first chief compliance officer in late February to help manage fallout from a bribery scandal regarding an infrastructure project that has drawn strict ...
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Apr 25, 2013
Designer clothing company Ralph Lauren won’t be prosecuted for bribing Argentine customs officials with cash and gifts worth more than a half million dollars, and neither will its executives under an agreement announced by the Securities and Exchange Commission on April 22. The company must pay the SEC and the Department of Justice a combined $1.6 million, and play by the rules laid out in agreements with each agency for a few years, but that’s it. The corruptio...
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Jan 18, 2013
As consulting professionals who regularly practice in the FCPA arena, Forensic Risk Alliance recently spent several weeks in Shanghai for an anti-corruption and bribery audit of a major energy company. While we have previously lived and worked in the People’s Republic of China, we continue to make new observations with each visit with respect to how business is conducted there and what some of the red flags are for companies and individuals doing business in the country....
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Oct 10, 2012
Tyco International’s Non-Prosecution Agreement is a clear case demonstrating why companies should have a robust FCPA compliance program. Tyco was a poster child for excess and securities laws violations in the first decade of the 21st century. In fact, it had entered into a Deferred Prosecution Agreement (DPA) for FCPA violations in 2006. In this DPA, Tyco basically promised to clean its house of FCPA violations and not to engage in any further violations going forward....
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Jun 27, 2012
Less than 10 percent of business and legal professionals are concerned about the UK Bribery Act, according to a new Deloitte poll. Still, 24 percent of those surveyed say their anti-corruption programs have been tweaked to comply with the regulation. The UK Bribery Act was passed in July last year and provides a framework to help firms fight bribery in...
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