Foreign acquisitions and the FCPA

The Metropolitan Corporate Counsel, a publication dedicated to legal issues relevant to corporate lawyers, recently interviewed Alfredo Avila, Assistant General Counsel at Monsanto about how they approach FCPA compliance for acquisitions. Monsanto recently acquired a US-based company with a Turkish subsidiary, and found during the due diligence the sub had made inappropriate payments to Turkish […]

SEC delays Sarbanes-Oxley requirements for small businesses

The Securities and Exchange Commission (SEC) has provided small businesses another 1-year delay to comply with Sarbanes-Oxley Section 404 requirements. Section 404 is the part of Sarbox that requires management to attest to the effectiveness of internal controls over financial reporting. “This will help ease the burden on small firms and help encourage more small […]

Audit committees recognize IT risks should be a focus

Dan Meyer at Tick Marks has brought my attention to a KPMG survey that reports audit committees are becoming more concerned about IT risks on financial reporting. 90% believed that IT oversight deserved more time at audit committee meetings. By constrast, 80% of committee members were satisfied with audit committee oversight of management judgments and […]

Hollinger audit committee had “no finance experts”

The Conrad Black trial has been good theatre, and the latest coming out of Chicago doesn’t disappoint. Testifying at the trial of former Hollinger chairman Conrad Black, a former member of the company‚Äôs audit committee has testified that it kept watch over company finances for four years without any financial experts. Economist Marie-Josee Kravis, sat […]

Alberta kiboshes plan for single Canadian securities regulator

So much for mobile, accessible capital for growing Canadian businesses… Alberta Premier Ed Stelmach poured cold water yesterday on federal Finance Minister Jim Flaherty’s push for a nationwide securities regulator, saying he has no interest in moving beyond an alternative system provinces have set up. He said he’s content to stick with the “passport system” […]