AICPA Provides Guidance on Conflict Minerals Representation Letters


A standard part of every financial statement audit is providing the auditor a representation letter reaffirming certain assertions that are implicit in preparation of financial statements in accordance with GAAP. The AICPA has now provided guidance on what should be included in a representation letter for an independent private sector... Read More

Topics: Public Companies and Securities, Uncategorized

SEC Describes Profiles of Successful Whistleblowers


In its 2014 Report to Congress on the Dodd-Frank Whistleblower Program, the SEC described the profile of successful whistleblowers. Because the SEC must keep the identity of whistleblowers confidential, it can only describe certain commonalities which included: The information provided by each award recipient was specific, in that the whistleblower... Read More

Topics: Employment, Litigation, Public Companies and Securities, Uncategorized

GAO Says CFPB Needs to Improve Data Privacy and Security


To fulfill its statutory responsibilities, the CFPB collects large amounts of consumer financial data on credit card accounts, mortgage loans, and other products through one-time or ongoing collections. While the CFPB has taken steps to protect and secure these data collections, GAO determined that additional efforts are needed in several... Read More

Topics: Banking, Consumer Protection, Uncategorized

SEC Charges Private Equity Sponsor for Misallocation of Expenses on Integrated Portfolio Companies


The SEC charged a private equity sponsor with breaching its fiduciary duty to a pair of private equity funds by sharing expenses between a company in one’s portfolio and a company in the other’s portfolio in a manner that improperly benefited one fund over the other. The private equity sponsor... Read More

Topics: Investment Advisers, Private Equity, Uncategorized