Audit Committee | The FCPA Blog

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Posts Tagged: Audit Committee

Board-level ‘risk committees’ are great, unless they destroy the company

Richard L. Cassin May 18, 2023

An alarming aspect of the March meltdown that took out Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank is that each had a stand-alone risk committee. We need to know what went wrong because risk committees are now commonly found at “most large companies,” according to a Big Four audit partner I talked to, and are assumed to protect against imprudent governance and management.… Continue Reading

That’s surprising. Most audit committees can still do their job

Richard L. Cassin March 30, 2023

How do public company audit committees cope? Their to-do list keeps getting longer and more complicated. Yet somehow, most audit committees still complete their tasks (which, by the way, include FCPA compliance oversight).… Continue Reading

Former UK prosecutor: Six ways to prepare for the coming surge in internal investigations

Lloydette Bai-Marrow April 28, 2020

Governments everywhere are opening the taps with economic stimulus, and that’s creating tempting opportunities for fraud, corruption, and other financial crimes. Those complicit in criminal activity today may stay put, or move on to different companies tomorrow.… Continue Reading

Walmart: It’s not the company, it’s the compliance system

Michael Scher May 13, 2014

The Pulitzer-prize winning NY Times reporter David Barstow famously wrote in 2012 that Walmart was an “aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures.… Continue Reading

Mike Scher has his eyes on Delaware

Michael Scher April 21, 2014

A pending case — largely ignored by the compliance profession and the press — brings before the courts one of the most troubling issues of the Wal-Mart investigation: Was the Wal-Mart Board of Directors misled during 2005-2012 regarding an alleged Mexican bribery scheme and subsequent cover-up?… Continue Reading

Bio-Rad lifts FCPA settlement reserve to $35 million

Julie DiMauro March 21, 2014

Bio-Rad Laboratories Inc. said in its annual report Tuesday that it has added $15 million to its reserve for a potential Foreign Corrupt Practices Act settlement, bringing the total to $35 million.… Continue Reading

Wal-Mart’s December 2013 FCPA disclosure

The FCPA Blog December 16, 2013

Here’s what Wal-Mart Stores Inc. said in its quarterly report (Form 10-Q) filed with the SEC on December 6:

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The Audit Committee (the “Audit Committee”) of the Board of Directors of the Company, which is composed solely of independent directors, is conducting an internal investigation into, among other things, alleged violations of the U.S.… Continue Reading

UK wants Big Four to compete for audit work

Alistair Craig November 1, 2013

The UK Competition Commission’s investigation and preliminary report regarding competition between external auditors and the dominance of the Big Four accountancy practices, has generated some controversy. For starters, the Commission has recommended for FTSE-350 companies that there be a decennial re-tendering for external auditors rather than a rotation.… Continue Reading

Wal-Mart reports on bribery, cover up probe

Richard L. Cassin September 9, 2013

In its quarterly SEC filing Thursday, Wal-Mart again said it is investigating both alleged FCPA offenses in foreign subsidiaries and ‘whether prior allegations of such violations and/or misconduct were appropriately handled.’… Continue Reading

LyondellBasell investigates Kazakhstan payment

The FCPA Blog November 2, 2012

LyondellBasell Industries NV, the Netherlands-based petrochemical maker, made this disclosure in its Form 10-Q filed with the SEC on October 26:

We previously identified an agreement related to a former project in Kazakhstan under which a payment was made that raises compliance concerns under the U.S.

Avon’s latest FCPA disclosure (November 2012)

The FCPA Blog November 1, 2012

Here’s the full FCPA disclosure by Avon Products, Inc. from its Form 10-Q filed with the SEC on November 1:

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We are currently conducting an internal investigation and compliance reviews focused on compliance with the FCPA and related U.S.… Continue Reading

Avon’s latest FCPA disclosure

The FCPA Blog October 9, 2012

Photo courtesy of Avon Products Inc.From Avon Products Inc’s Form 10-Q filed with the SEC on August 1, 2012: