Audit, Compliance and Risk Blog

Opportunities For Learning: Free STC Webinar Open To All

Posted by Melanie Powers on Fri, Jan 11, 2013

Essentials of Stationary Reciprocating Internal Combustion Engines (RICE) MACT Compliance

Date: Thursday, January 24, 2013
Time: 2:00 PM - 3:00 PM EDT
Free! All are welcome

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Tags: Environmental risks, Environmental, EHS, EPA, mact, Webinar, NSPS

Employment Law: NLRB Revisits Work-Related Social Media Postings

Posted by Jon Elliott on Wed, Jan 09, 2013

Do you ever discuss work with co-worker friends on Facebook or other social media sites? Or, if you’re an employer, do you worry about what your employees may post about work on their Facebook pages—even when they do so from home after hours?

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Tags: Business & Legal, Employer Best Practices, Employee Rights, Internet, NLRB

Understanding Insurance Law: 3 Important Cases in 2012 - Part 1

Posted by Barry Zalma on Mon, Jan 07, 2013

As part of the year in review series, insurance expert Barry Zalma identifies his three most significant insurance law cases of 2012. Here is his first choice:

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Tags: Business & Legal, California Legislation, Environmental, Insurance, Insurance Claims

2012: A Year in Review for Accountants—Part 2, Auditing and SEC

Posted by Ron Pippin on Fri, Jan 04, 2013

This is the second of two blog articles on 2012 changes in the literature frequently used by accountants. Previously, I covered accounting developments in the United States and internationally. This article covers developments affecting companies (registrants) subject to Securities and Exchange Commission (SEC) oversight and auditing developments.

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Tags: SEC, Accounting & Tax, Audit Standards, Accountants, JOBS Act, US GAAP, GAAP, IFRS, Internal Control

2012: A Year in Review for Accountants—Part 1, Accounting Standards

Posted by Ron Pippin on Fri, Dec 21, 2012

As 2012 comes to a close, it is time for accountants in the United States to reflect on new financial reporting rules or developments and what may transpire in 2013. This is the first of two blog articles on the topic. In this article, I cover accounting developments in the United States and internationally. The second article will cover Securities and Exchange Commission (SEC) developments and auditing developments.

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Tags: SEC, Accounting & Tax, Lease Accounting, Accountants, US GAAP, GAAP, IFRS, Decision on IFRS

Intellectual Property Management: 3 Ways To Profit From Your Patent

Posted by Brett Trout on Wed, Dec 19, 2012

In1964 Robert Kearns invented the intermittent windshield wiper. But it would be 26 years and take more than a decade of litigation before he reaped the rewards of his invention. Payday for Kearns finally arrived in 1990 when Ford Motor paid him more than $10 million to settle the patent infringement lawsuit he brought against the company. Recalling Kearns’s story, which was turned into the 2008 feature film Flash of Genius, seems an appropriate lead-in for today’s blog on how to make money from your patent.

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Tags: Business & Legal, Internet, Intellectual Property

Environmental Compliance: Health & Safety Review 2012

Posted by Jon Elliott on Tue, Dec 18, 2012

2012 has been a relatively quiet one for environmental health and safety (EH&S) compliance personnel.  Fewer new laws are enacted in election years, because some or all of the lawmakers are busy running for election or re-election.                                       

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Tags: Health & Safety, OSHA, Environmental risks, Environmental, EHS, EPA, Greenhouse Gas, ghg, Hazcom

EPA Suspends BP from Access to New Federal Contracts

Posted by Jon Elliott on Mon, Dec 10, 2012

Response to Criminal Violations in the Deepwater Horizon Disaster

On November 28, the Environmental Protection Agency (EPA) announced that it was temporarily suspending BP from all new contracts with the U.S. government. EPA acted two weeks after BP agreed to plead guilty to 14 criminal counts, including manslaughter, obstruction of Congress and other criminal charges stemming from the 2012 Deepwater Horizon blowout and oil spill. BP also agreed to pay $4.5 billion in penalties. Federal agencies have authority to issue temporary suspensions and longer-term “debarments” to parties that violate criminal laws (over three thousand were issued in the last fiscal year). EPA is the lead agency doing so for violations of national water and air laws. The effects on BP could be significant: BP is currently the largest lease-holder in deep water portions of the Gulf of Mexico, and in 2011 was the largest supplier of fuels to the U.S. military. Its existing contracts are not affected, but it is ineligible for new ones (for example, the company has already had to skip a round of deep water leasing by the Department of the Interior).

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Tags: International, Health & Safety, Environmental risks, Environmental, EPA, Hazcom

California's First Greenhouse Gas Cap-and-Trade Auction

Posted by Jon Elliott on Mon, Dec 03, 2012

While we watch negotiators in Doha, Qatar continue to struggle to find international agreement on effective climate change minimization measures, it's useful to look at one part of the planet where aggressive actions are underway.  No, not the U.S. federal government, which took time out of preparations for “fiscal cliff” negotiations to pass a law on November 27 empowering the Department of Transportation to prohibit U.S. airlines from participation in the European Union’s Emissions Trading Scheme (Public Law No. 112-200).  This month's prime example of action is California, which just held its first auction of greenhouse gas (GHG) emission allowances to inaugurate a statewide cap-and-trade program.

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Tags: California Legislation, Environmental risks, Environmental, Greenhouse Gas, ghg, climate change

Internal Control—An Updated Framework Coming

Posted by Ron Pippin on Fri, Nov 30, 2012

Ever since the passage of the Sarbanes-Oxley Act of 2002 (SOX), the concept of internal control over financial reporting has taken on a new meaning. The U.S. Congress passed this legislation in part because of the failure of certain large companies, notably Enron and WorldCom, which met their demise in part because of real or perceived weaknesses in company internal control and less than adequate corporate governance. SOX reinforces the concept that company management is responsible for establishing and maintaining an adequate internal control structure and robust procedures for financial reporting.

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Tags: Corporate Governance, Business & Legal, SEC, Accounting & Tax, Accountants, JOBS Act, SOX, Internal Control