Tags » Internal Controls

Inspections are part of governance

“Theranos Failed Second Inspection,” The Wall Street Journal, January 18, 2017 B4.  The CMS (Centers for Medicare and Medicaid Services) inspected Theranos in late September, and a few days later “Theranos said it was exiting the medical-testing business altogether.”  Theranos failed the inspection. 31 more words

Controls

A Higher Duty

A lawyer for a company has a duty under company law to protect the company’s confidential information.  As a lawyer, he or she has a professional ethical obligation to preserve the confidentiality of materials submitted to the lawyer in order to secure or provide legal advice. 138 more words

Risk

SAP International Inc. – Foreign Corrupt Practices Act (FCPA)

Note: The SEC’s order finds that SAP SE violated the internal controls provisions and the books and records provisions of the FCPA.  Without admitting or denying the findings, SAP consented to the entry of the cease-and-desist order and agreed to pay disgorgement of $3.7 million in profits from SAP’s software sales to the Panamanian government plus prejudgment interest of $188,896. 441 more words

Bribery

Lessons learned from violating SOD

Concept of Segregation of Duties (SOD) is defined as “A basic internal control that prevents or detects errors and irregularities by assigning responsibility for initiating and recording transactions and custody of assets to separate individuals”. 300 more words

Accounting And Finance

Culture

I normally avoid picking from The Wall Street Journal‘s editorial pages, as opinion is not the level of fact within the purview of this blog.  137 more words

Controls

Exchanging information about chickens

The exchange of price-related information between horizontally aligned competitors is often a no-no in the US.

“U.S. Poultry Producers Face Scrutiny,” The Wall Street Journal… 68 more words

Controls