Corp Fin Director Shares Upcoming Priorities
Earlier this month during a speech in London, William Hinman, director of the Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance (“Corp Fin”), discussed his office’s future priorities. One of Corp Fin’s priorities includes improving the efficiency of its internal processes by reviewing filing procedures and no-action requests, and assessing whether the office can better its response times. Corp Fin is also planning to update and simplify its Financial Reporting Manual and Compliance and Disclosure Interpretation. Several aspects of Corp Fin’s future guidance and rulemaking are likely to receive priority, such as disclosures regarding cybersecurity and resource extraction. Corp. Read More.
DoD Inspector General’s Office Releases Semi-Annual Report to Congress on Accomplishments
Twice a year, per the requirements of the Inspector General Act of 1978 (as amended), the Department of Defense (“DoD”) Office of the Inspector General (“OIG”) issues a report that summarizes its efforts and oversight conducted for the preceding six-month period. The report serves to demonstrate the importance of the OIG’s work to detect and deter waste, fraud and abuse, improve the efficiency and effectiveness of DoD programs, and ensure ethical conduct throughout the DoD. The most recent report, which covers the period of April 1, 2017, to September 30, 2017, documented 55 issued reports, including several significant audits and. Read More.
SEC Office Unveils Examination Priorities for 2018
On February 7, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) revealed its annual list of exam priorities. This year’s examination priorities are divided into five categories: Compliance and risks in critical market infrastructure Matters of importance to retail investors, including seniors and those saving for retirement FINRA and MSRB Cybersecurity Anti-money laundering programs More on the OCIE’s 2018 examination priorities is available in the news release.
NIST Publishes Draft 2 of Cybersecurity Framework Version 1.1
On December 5, 2017, the National Institute for Standards and Technology (“NIST”) published Draft 2 of Cybersecurity Framework version 1.1 (the “Framework”). The draft is intended to provide a flexible, voluntary, and effective tool to help organizations better manage their cybersecurity risks. For those unfamiliar with the Framework, it was developed in response to growing awareness that the national and economic security of the United States depends on the reliable functioning of critical information technology infrastructure and that cybersecurity threats place the nation at risk. On February 12, 2013, President Obama issued Executive Order 13636, “Improving Critical Infrastructure Cybersecurity” (the. Read More.
Topics: Cybersecurity, Cybersecurity Framework, Improving Critical Infrastructure Cybersecurity, Industrial Control Systems, Information Technology, National Institute for Standards and Technology "NIST"
SEC Corp Fin to Tweak Cybersecurity Guidance
David Fredrickson of the Securities and Exchange Commission’s (“SEC”) Division of Corporation Finance (“Corp Fin”) has announced that the SEC will update its 2011 document, Disclosure Guidance: Topic No. 2, Cybersecurity. A refresh of the commission’s cybersecurity interpretive guidance, the update would address investors’ complaints that public companies are not providing timely or informative disclosures regarding cyber-attacks on their computer systems. Fredrickson, Corp Fin’s chief counsel, noted that the SEC’s staff is considering updates to disclosure controls and procedures, as in how quickly are cybersecurity breaches identified and brought to the attention of senior management for proper disclosure. The commission. Read More.
CAQ Issues Auditing Request for Proposals for 2018
The Center for Audit Quality (“CAQ”) has issued a request for proposals (“RFPs”) to finance auditing projects for academic research. This marks the tenth annual request by the CAQ, which is asking for applicants to submit RFPs concerning critical policy issues and topics of interest such as auditor risk assessment, cybersecurity, non-GAAP measures, and professional skepticism. Proposals must be submitted via the CAQ online submission form by March 15, 2018. The CAQ’s Research Advisory Board will review all proposals, and the CAQ will award grants to the selected projects in June 2018.