scholarly journals Conflict Minerals Disclosures: Reporting Requirements and Implications for Auditing

2015 ◽  
Vol 10 (1) ◽  
pp. A1-A23 ◽  
Author(s):  
Jomo Sankara ◽  
Deborah L. Lindberg ◽  
Khalid A. Razaki
Keyword(s):  
Democratic Republic ◽  
Publicly Traded ◽  
Wall Street ◽  
Publicly Traded Companies ◽  
Conflict Minerals ◽  
Consumer Protection Act ◽  
Reporting Requirements ◽  
Disclosure Requirements ◽  
Reporting Requirement ◽  
Republic Of The Congo

SUMMARY Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) created a reporting requirement for publicly traded companies that manufacture products using “conflict minerals” from the Democratic Republic of the Congo (DRC) or adjoining countries. Under certain circumstances, companies must file a Conflict Minerals Report (CMR) in addition to a Specialized Disclosure Report (Form SD). Companies that claim their products are free of conflict minerals from the DRC must have an audit of their CMR. We investigate the extent to which companies have complied with the new disclosure requirements as well as the current and future auditing implications.

scholarly journals Solving Child Statelessness: Disclosure, Reporting, and Corporate Responsibility

2019 ◽  
Vol 8 (1) ◽  
pp. 83-105
Author(s):  
Mark K. Brewer ◽  
Sue Turner
Keyword(s):  
Multinational Corporations ◽  
The United States ◽  
Private Law ◽  
Wall Street ◽  
The Public ◽  
Corporate Reporting ◽  
Conflict Minerals ◽  
Consumer Protection Act ◽  
Republic Of The Congo

Abstract Statelessness affects around 10 million people globally, many of whom are children. Many public law initiatives to diminish and eradicate statelessness exist, yet the problem persists. This article explores the potential for the private law to contribute to a solution to this problem, leading to increased awareness of the plight of stateless children among the public, investors, governments, and multinational corporations. In doing so, the article examines the role of the private law in regulating the use of so-called “conflict minerals” in the United States and internationally. It recognizes the contribution made by conflict minerals legislation towards finding an effective solution to the conflict in the Democratic Republic of the Congo. The article proposes, amongst other initiatives, a legislative solution to the enduring problem of child statelessness, adapting provisions of the Dodd-Frank Wall Street and Consumer Protection Act which requires corporate reporting and disclosure in relation to international supply chains of public limited companies in respect of conflict minerals, and applying them instead to the causes of child statelessness.

Digging Deeper: the Politics of ‘Conflict Minerals’ in the Eastern Democratic Republic of the Congo

Global Policy ◽  
2013 ◽  
Vol 4 (4) ◽  
pp. 449-451 ◽  
Author(s):  
Jeroen Cuvelier ◽  
Jose Diemel ◽  
Koen Vlassenroot
Keyword(s):  
Democratic Republic ◽  
Conflict Minerals ◽  
Republic Of The Congo

Regulation of Swaps

2019 ◽  
pp. 249-286
Author(s):  
Alan N. Rechtschaffen
Keyword(s):  
Financial Crisis ◽  
Financial Institutions ◽  
Consumer Protection ◽  
Federal Reserve ◽  
Regulatory Regime ◽  
Wall Street ◽  
Regulatory Oversight ◽  
Consumer Protection Act ◽  
Reporting Requirements ◽  
Derivatives Markets

Former Federal Reserve Chairman Ben S. Bernanke classified derivatives as a “vulnerability” of the financial system that led to the financial crisis. He explained that derivatives concentrated risk within particular financial institutions and markets without sufficient regulatory oversight. The Wall Street Reform and Consumer Protection Act—Dodd-Frank—constituted a seismic shift in the regulation of financial institutions and markets in a massive effort to address regulatory shortcomings in derivatives markets. This chapter discusses the Dodd-Frank regulatory regime. Topics covered include the Dodd-Frank and derivatives trading; jurisdiction and registration; clearing, exchange, capital and margin, and reporting requirements; analysis of the provisions of Dodd-Frank on derivatives trading; rationale behind the exemptions and exclusions; the Lincoln Rule; Futures Commission Merchants; and criticisms of Dodd-Frank's derivatives trading provisions.

scholarly journals Independent Audits of Conflict Minerals Reports

2013 ◽  
Vol 7 (2) ◽  
pp. A24-A32 ◽  
Author(s):  
David N. Herda ◽  
Herbert W. Snyder
Keyword(s):  
Central Africa ◽  
Securities And Exchange Commission ◽  
Publicly Traded ◽  
Human Rights Abuses ◽  
Publicly Traded Companies ◽  
Conflict Minerals ◽  
Audit Firms ◽  
Final Rule ◽  
Audit Reports ◽  
Corporate Social

SUMMARY There has been an increasing international focus on “conflict minerals,” which are sourced from mines in Central Africa and believed to benefit armed groups that engage in serious human rights abuses. In August 2012, the U.S. Securities and Exchange Commission (SEC 2012) issued a final rule (Release No. 34-67716) related to implementing new disclosures required by the Dodd-Frank Act that are aimed at dissuading publicly-traded companies from engaging in trade that supports conflict minerals. Beginning in 2014, many publicly traded companies will be required to issue Conflict Minerals Reports, and have the reports independently assured. For the first time, there is an SEC audit requirement for corporate social responsibility information. Significant uncertainty surrounds the nature of the requisite audit procedures and the form and content of the audit reports themselves. For example, issuers have the option of engaging auditors for either an attestation engagement or a performance audit. We summarize the SEC's final rule, with particular focus on the audit requirement, and discuss some challenges that audit firms face.

Bankruptcies, Audit Reports, and the Reform Act

2001 ◽  
Vol 20 (1) ◽  
pp. 187-195 ◽  
Author(s):  
Marshall A. Geiger ◽  
K. Raghunandan
Keyword(s):  
Publicly Traded ◽  
Public Accounting ◽  
Securities Litigation ◽  
Publicly Traded Companies ◽  
The Public ◽  
Going Concern ◽  
Reporting Requirements ◽  
Potential Impact ◽  
Auditor Reporting ◽  
Audit Reports

The Private Securities Litigation Reform Act (Reform Act) was enacted as law in 1995 and represents a major victory for the public accounting profession. Since audit reporting for publicly traded companies that enter bankruptcy continues to be of interest to legislators and the public, the Reform Act also includes audit reporting requirements regarding the auditor's assessments of a company's ability to continue as a going concern. This study examines the potential impact of the Reform Act on auditor reporting by examining audit reports for 383 bankrupt companies during the 1991–1998 period. The results indicate that, after controlling for financial stress, company size, default status, audit reporting lag and bankruptcy filing lag, auditors were less likely to have issued prior going-concern modified audit reports for bankrupt companies after the Reform Act.

SEC proposes “pay-for-performance” disclosure rule

2015 ◽  
Vol 16 (3) ◽  
pp. 24-27
Author(s):  
David H. Engvall ◽  
Reid S. Hooper ◽  
Keir D. Gumbs ◽  
David B.H. Martin
Keyword(s):  
Design Methodology ◽  
Pay For Performance ◽  
Wall Street ◽  
Public Companies ◽  
Content Type ◽  
Consumer Protection Act ◽  
Technical Requirements ◽  
Disclosure Requirements ◽  
Final Rule ◽  
Practical Guidance

Purpose – To outline and summarize the new disclosure requirements under the Securities and Exchange Commission’s proposed pay-for-performance rule, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Design/methodology/approach – This article highlights the proposed new disclosure requirements, while briefly discussing the technical requirements under the rule. The article concludes with a summary of the next steps in the rulemaking process followed by our observations of various issues raised by the proposed new disclosure requirement. Findings – While the contours of any new disclosure requirements will depend on the specifics of the final rule, the pay-for-performance rule, as proposed, would represent a significant new annual disclosure obligation for many public companies. Originality/value – Practical guidance from experienced securities and capital markets attorneys.

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