The financial industry has experienced a variety of challenges over the past several years. Many of which revolve around operating in a new economic context after the financial crisis, restoring public confidence in the industry, and competing with new, aggressive, non-traditional innovators.
The Central Bank of Bahrain (CBB) has announced new Shariah governance regulations applicable to wholesale and retail Islamic banks in Bahrain. The new regulations are credit positive for investors because they will lead to a more consistent and robust system for ensuring Shariah compliance for Islamic products and most importantly sukuk issued in Bahrain, and will reduce the possibility that issuers cite non-compliance as a defense against payment.
After passing yet another anniversary of a major regulatory reform – this time the fifteenth anniversary of the 2002 Sarbanes-Oxley Act – we are reminded once again of the heavy and evolving compliance burden with which many companies must grapple
The Financial Reporting Council has conceded defeat in its three-year battle to remain outside government and is currently negotiating with the Department of Business, Energy and Industrial Strategy (BEIS) over its operational independence.
Is your board willing to be a driving force in the digitization of the company, or are you content to sit back and watch as born-digital companies transform one industry after another? Boards must recognize the unstoppable forces at play and drive their CEO’s to reinvent the business while they still have the resources to do so – and before they come under pressure from activists to whom the necessity of digitization is obvious.
Since its passage in 2002 in response to financial scandals that shook the corporate world, the Sarbanes-Oxley Act, or SOX, has steadily been a target for critics. No provision of the law has provoked more complaints than Section 404(b), which requires companies to have external auditors assess the adequacy of their internal controls over financial reporting.
Accounts receivable, or AR, has historically been too often overlooked by company executives when examining ways to create more efficient processes and ultimately accelerate cash flow. For the most part, the goal with AR is to get the job done with the resources at hand, and reexamining a traditional process that works might be considered too time consuming or expensive. However, just getting the job done does not mean it’s getting the job done well.
The Companies Commission of Malaysia (CCM) has released a directive setting out the category and criteria for audit exemption. The practice directive entitled Qualifying Criteria for Audit Exemption for Certain Categories of Private Companies revealed that dormant companies, zero revenue companies and threshold qualified companies would be eligible for audit exemptions. The threshold qualifications are: not exceeding RM 100,000, having assets not exceeding RM 300,000 and having no more than 5 employees.
The role of CFO has changed. It has become more strategically-focused, more value-focused, and more future-focused. Finance teams are now leading business innovation as a part of broad-reaching digital transformation initiatives.