High-profile examples involving Martin Shkreli, who was convicted of fraud, and Tesla's Elon Musk, who reached a settlement with the Securities and Exchange Commission, illustrate the risks associated with social media communication, Roomy Khan writes. The SEC has offered guidance about the disclosure of Regulation FD material information via social media, and the accuracy of information in company managers' posts is a big concern, Khan writes.
As technology advances, so does the opportunity for fraud, although artificial intelligence and other emerging technologies can help fight the problem, experts say. AI, however, is "is only a part of the solution," and employees need thorough training and education to keep fraud in check, lawyer Hannah Laming says.
Many surveillance tools are available for companies that want to monitor their workers. An argument in favor of such technology is that it can make workers more productive, but critics say it can heighten stress and imply that the quality of work is less vital than the quantity that gets done.
The World Economic Forum has ranked the US as the most competitive economy, ousting Switzerland from a nine-year run atop the ranking. The ranking system was overhauled this year to focus on technology-driven growth expected in the future.
A proposed Statement of Federal Financial Accounting Concepts titled Materiality would provide materiality concepts, specify the scope of materiality and list factors to consider when applying materiality in federal financial reports.
What do these terms associated with artificial intelligence really mean? What impacts will they have on accounting in the future (and what impacts are they already having today)? This article answers those questions and suggests steps accountants should take now to prepare for a future shaped by AI.
The Securities and Exchange Commission has cautioned public companies to be on the lookout for a class of cyber-related fraud called "business email compromise." Frauds of this type resulted in nearly $100 million in losses among nine public companies investigated by the SEC, which called on companies to consider the threat of spoofed electronic communication in the design and implementation of internal accounting controls.
Good leaders are ambitious enough to drive companies to meet goals but are humble at the same time. Effective leaders recognize that their job is to uncover the best ideas, no matter who has them.