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The US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) have issued a number of policy updates and public pronouncements over the last several months, emphasizing the importance of empowered and accountable corporate compliance programs. Ensure compliance has the resources to do its job. more…).
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How has technology impacted accounting? From increasing accuracy to optimizing tax workflow to freeing up time for more value-added activities, technology has transformed the accounting industry—for the better. Accounting firm technology trends. How has accounting changed with technology? Automation. The result?
Data analytics technology has now matured to a point where companies should consider how to harness it for enhancing compliance around their corporate financial and sustainability disclosures. Danilack, Frances Waldmann , Chris Rosina , and Samantha Yi.
Opportunities remain to better align external risk reporting with internal risk management and reporting processes, improve the readability and categorization of risks, and make disclosures less generic.
Department of Justice (DOJ) updated its Evaluation of Corporate Compliance Programs (ECCP) guidance. First published in 2017, the ECCP sets out factors that DOJ Criminal Division prosecutors will consider when evaluating the compliance program of a company facing a criminal enforcement action. On September 23, 2024, the U.S.
In today’s rapidly changing business environment, firms need to stay on top of their audit compliance. As disruptive technologies and new regulations are constantly emerging, it can be difficult for businesses to remain compliant. How do you ensure audit compliance? compatible.
Compliance is a difficult job in any financial institution. It’s no surprise then that the best compliance personnel are in high demand, according to a recent Wall Street Journal article , making it more important than ever to keep your compliance team happy.
Artificial intelligence (AI) has the capacity to disrupt entire industries, with implications for corporate strategy and risk, stakeholder relationships, and compliance that require the attention of the board of directors. The implications for compliance with legal, regulatory, and ethical obligations. more…)
How to Ensure You’re in Compliance with PCI DSS v4.0 — and Beyond. Ensuring compliance with a new compliance regime starts with an in-depth review of the latest version of the standard. For most organizations, this change will require a shift in how they approach their PCI compliance effort. PCI DSS v4.0
If you’ve been wondering where security practices and compliance requirements align and where they diverge, you’re not alone. Security and compliance have synergies, but they aren’t the same, and it can be challenging to tease them apart. What Is Compliance? Here are a few compliance frameworks that pertain to security: .
To address this issue, the IRS is now taking steps to improve non-filer compliance. This renewed focus on non-filer compliance programs is a positive move towards reducing the gap in unpaid taxes and promoting tax compliance. You can also visit our hub pages to learn more about IRS Audit and tax compliance.
Further, DOJ has adopted an aggressive stance toward seeking enhanced penalties for corporate misuse of new and disruptive technologies like artificial intelligence (“AI”). And third, she discussed how DOJ will apply its existing law-enforcement toolkit to emerging technologies like AI. more…)
This profound shift has created a pathway to improving operational efficiency, seamlessly achieving compliance, and fostering more meaningful relationships with clients. . How is information technology used in accounting? Today, technology has changed the accounting industry. real-time and automate repetitive tasks.
DOJ Revamps Corporate Criminal Enforcement Policies with Continued Emphasis on Compliance. Tags: Climate change , compliance , Disclosure , ESG , Risk assessment , SEC , Shareholder power , Stakeholders. Posted by Justin P. Murphy, Sarah E. Walters, and Edward B. Diskant, McDermott Will & Emery LLP, on Friday, October 7, 2022.
Sure, your firm’s tax compliance software does its job, but you know that there’s room for significant improvement. Documenting the struggles can also help you outline the most impactful benefits a new tax compliance solution has to offer your firm and further illustrates to your boss the need for change. Unlock growth opportunities.
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The proper utilization and deployment of technological solutions alongside valued tax professionals is how successful tax departments deliver valued analysis, insights, and guidance for their organizations. Yet, technological maturity is low to moderate in many businesses.
Importance of Compliance Programs. Approximately 70% (specifically, 2,100) of all examinations resulted in deficiency letters, and approximately 6% (specifically 190) resulted in referrals to the Division of Enforcement for investigation.
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These questions can be related to changes in regulatory and compliance standards , ESG , and general business advice. For all it can do, there are limitations to technology. “ – Robert Jones President and Founder, RC Jones & Associates What technology solutions should accountants have? Completely changed me.
Is your firm running its gears on outdated accounting technology? In fact, a recent survey by Accounting Today found that half of the firms surveyed said they plan to boost their spending on technology in 2023. However, the survey also found that keeping up with changes in technology is among the top challenges facing firms.
For today’s accounting firms, advanced technology is no longer an option but a necessity. If your firm is considering an investment in tax technology, the time is now. The state of investing in technology for firms Historically, accounting firms have been reactive in terms of adopting technology.
Jump to: Moving beyond technology implementation Picking the right technology is just the start How to keep tax department tech effective From the pandemic to regulatory changes to economic shifts, numerous industries have adjusted how they operate, how they use technology, and how they engage with clients.
With The Great Resignation accelerating staffing challenges for accounting firms of all sizes, it might be time to look for a non-traditional new hire: technology. Rather, technology presents an opportunity to revamp workflow processes and incorporate automation to the fullest extent possible. Cloud technology.
These measures are meant to impair the country’s economic growth by “isolating it from the global financial system” and by curtailing “its access to cutting-edge technology.” [1]. In an interconnected global economy, however, sanctions also have unintended consequences on US businesses operating in Russia or relying on Russian suppliers.
In today’s rapidly evolving digital landscape, technology’s impact on mergers and acquisitions (M&A) is profound and multifaceted. Businesses aiming to navigate the M&A process must consider traditional financial and operational metrics and the technological prowess and readiness of acquiring and targeting companies.
The Division announced an enhanced focus on five “significant areas”: (i) private funds; (ii) environmental, social and governance (“ESG”) investing; (iii) standards of conduct, including Regulation Best Interest, fiduciary duty and Form CRS; (iv) information security and operational resiliency; and (v) emerging technologies and crypto-assets.
Corporate tax departments are using technology increasingly as a strategic partner to address these issues. Insight on how indirect tax departments intend to use technology to transform their operations can be found in a recent study conducted by the Thomson Reuters Institute. In contrast, 33% are considering adopting new solutions.
Scot will be addressing the future of appraisal modernization and how valuation technology will revolutionize how data driven decisions are made to the benefit of all parties to the real estate transaction, including the appraiser. REcolorado is looking forward to collaborating with appraisers in 2024 with our quarterly appraiser meetings!
The Examinations program will focus on private funds, environmental, social, and governance (ESG) investing, retail investor protections, information security and operational resiliency, emerging technologies, and crypto-assets. 1) Proposed Rules Changes on Cybersecurity.
HHS’s Office of the National Coordinator for Health Information Technology, in collaboration with its Office for Civil Rights, has announced an updated version of the interactive Security Risk Assessment (SRA) Tool. Security Risk Assessment Tool; Security Risk Assessment Tool v3.3 User Guide (May 5, 2022). User Guide.
Blog home The Thomson Reuters 2025 Corporate Tax Department Technology Report offers the latest research on how corporate tax departments are incorporating new technologies into their operations, as well as the many challenges tax departments face in adopting new technological systems and processes.
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In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary sources. On June 7, 2022, the SEC filed charges against New Jersey-based Synchronoss Technologies, Inc. Marlier, Ms. million.
Posted by Carine Smith Ihenacho, Wilhelm Mohn, and Alexis Wegerich, Norges Bank , on Wednesday, October 19, 2022 Editor's Note: Carine Smith Ihenacho is Chief Governance and Compliance Officer, Wilhelm Mohn is Global Head of Corporate Governance, and Alexis Wegerich is Head of ESG Analytics at Norges Bank Investment Management.
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Department of Justice’s updated guidance to federal prosecutors on evaluating corporate compliance programs addresses how entities manage new technology-related risks and expands on preexisting policies, providing key insights for companies about increasing regulatory expectations, say attorneys at Debevoise.
However, with the rapid advancement of technology, the landscape of M&A due diligence is undergoing a transformative shift. In this blog post, we explore the emerging role of technology in enhancing M&A due diligence processes, revolt, and ionizing the way deals are evaluated and executed.
The landscape for director (and officer) liability for Caremark (oversight) claims continues to evolve, in cases ranging from cyberattacks and allegations of employee sexual misconduct to more traditional areas of risk including natural disasters, critical regulatory and enforcement compliance issues and fraud.
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