Newsletter | Volume 1

Issue I
Issue II
Issue III
Issue IV
Issue V
Issue VI
Issue VII
Issue VIII
Issue IX
Issue X
Issue XI
Issue XII
Issue XIII
Issue XIV
Issue XV
Issue XVI
Issue XVII
Issue XIX
Issue XX
Issue XXI
Issue XXII
Issue XXIV
Issue XXV
Issue XXVI
Issue XXIX
Issue XXX
Issue XXXI

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  • The Informal Funds Transfer system of Havala is alive, well and enjoys global growth
    While the established global Banking and Financial Institutions and System continue to debate the one-size-fits-all and ongoing Basel reforms, now at no. IV and the Bank for International Settlements is once again rewriting the rules that govern the banks capital to mitigate their exposures to different types of risks, and while oversight authorities focus on specific models to measure Counterparty Credit Risk Exposures, there is an age-old parallel system of transferring money and performing other monetary transactions that are completely out of the officially governed oversight radar, scope and view. It’s called Hawala or the poor man’s Bitcoin.
  • The Governance, Risk Management and Compliance and IT Security (GRC) issues from The Panama Papers
  • The Bribery and Corruption component of Panama Papers and other offshore investments
    The International Consortium of Investigative Journalists has published a searchable database that reveals the secrecy of nearly 214,000 offshore entities, created in 21 jurisdictions, from Nevada to Hong Kong and the British Virgin Islands. The primary reasons for the enormous interest in the information on offshore companies are the names and details of the real owners of the often smoky company structures.
  • How to Achieve Disclosure Consistency in Bribery, Fraud, Corruption (BFC) and CSR Reporting
    Corruption continues to be prevalent in many countries. This is a serious problem because in the long term it hinders the corporate and business development. Corruption is a complex social, political and financial situation that affects many countries. Corruption undermines democratic institutions slows economic growth and contributes to corporate and governmental instability.
  • The perception and challenges of global bribery and corruption
    When Transparency International first launched its global corruption perceptions index in 1995, has been widely debated, and the result is that the annual report is credited with placing the issue of corruption on the international policy and public agenda.
  • The IT and Cyber Security Challenge
    IT and Data must be proportional to the transparency of its governance. Information Security officers feel that they are losing the battle due to continued headlines about the cyber-theft or data breach have made their priorities difficult. The focus of the IT and cyber security day is achieving digital trust so that information and data transition can move safer and faster.
  • The Timeline & Milestones for EU General Data Protection Regulation (GDPR)
    Companies throughout the EU will face significant challenges in handling personal data when the General Data Protection Regulation (GDPR) goes live. The GDPR will automatically translate into national legislation and will present dramatic changes on how personal data will be collected, stored, accessed, disclosed and utilised from 2018.
  • Tax issues and the Audit Committee
    In this article, we review the limitations of using the external auditor for tax planning services and should the audit committee permit tax shelters to be sold by non-audit partners of the external auditor.
  • A well-functioning Audit Committee is the key to achieving good governance
    Based on the new rules and regulations on auditor independence and board responsibilities, all audit committee have to update their charter, composition and configuration to comply. We suggest that a review, assessment and evaluation of the impact, principles, practices and functions must be conducted, before the new regime goes into effect. At the Audit Committee events in Copenhagen and London, participants will receive three different tools to implement, adopt or update the new requirements.
  • Updating the Auditor Independence and Audit Committee issues
    After significant changes in 2002 post-Enron scandal, the rules governing the external auditor and therefore the audit committee are now fast evolving. The EU regulations that come into force in June 2016 aims to improve selection, competition, price and choice by changing the external auditor. The professional services firms are heavily investing in new intelligent technology and data analytics, to take care of routine audit chores. The merry-go-round of audits substitutions between the Big Four — PwC, Deloitte, EY and KPMG is rotating.
  • Implications of audit regulation and directive to restore integrity and trust between companies, markets, and the audit committee
    Audit committee members and external auditors, in particular, are the most important gatekeepers to provide attention to financial reporting and financial fraud processes. Each function has a responsibility to foster high-quality, reliable financial reporting. Stakeholders recognise that audit committee members and statutory auditors exercise a significant amount of judgment on a day-to-day basis, and are not in the business of second-guessing good faith judgments. The focus of the seminar is to provide updated guidance on how audit committee members can carry out their responsibilities, and how auditors can comply with relevant auditing standards in their audit work, based on the audit reform.
  • Audit Committee Network
    Global companies are increasingly met by new regulations and mandates, that continually challenge the corporate governance, risk management, compliance and IT security (GRC) processes and therefore make greater demands to the audit committee. The Copenhagen Compliance® UK Ltd.’s UK Audit Committee Governance Network is a group of audit committee chairs, members, and stakeholders who are committed to improving the performance of audit committees and the board of directors by enhancing trust in financial markets and all stakeholders.