Free Webcast: SEC Investigations: Are There Benefits to Cooperation and Self-Reporting?
Event Date: December 13, 2016

Event Time: 1:00 PM - 2:30 PM Eastern

CPE Credits: 1.5
NACD Skill-Specific Credits: 1

Field of Study: Auditing (AU)

Level: Intermediate

Prerequisite: Understanding of Corporate and Risk Management, Internal Investigations and Corporate Governance.

** Earn free CPE and NACD Skill-Specific Credit

When fraud is identified or suspected in an organization, companies and their boards are not always aware of what steps to take. Should they conduct a thorough internal investigation, or should they alert the Division of Enforcement at the Securities and Exchange Commission (SEC) about a potential securities law violation? Are there tangible benefits to self-reporting to the SEC? The SEC’s Division of Enforcement’s formal cooperation program includes various measures designed to encourage individuals and companies to provide assistance to SEC investigators. Depending on the level of cooperation, benefits may accrue to those who are proactive. What questions should boards and company management be asking of their counsel, their chief compliance officers, chief audit executives, and external auditors? At what point should the SEC be informed of potential misconduct? What are the risks if a company does not self-report?

Kara Brockmeyer, SEC Foreign Corrupt Practices Act Chief, will share information on the SEC Cooperation Program, including recent trends in the use of cooperation agreements, recent enforcement actions involving cooperation agreements, and how the Commission defines “cooperation.” Other panelists, including an attorney with extensive experience in representing clients who have cooperated with the SEC, a forensic auditor, and a board member, will discuss factors for companies that are considering self-reporting a fraud, who needs to be involved, and the role of company management, the audit committee, the auditor, and legal counsel.
Learning Objectives:
Gain insights into when to self-report fraud or a potential fraud to the SEC; how companies can benefit from the SEC’s Cooperation Program; and what is considered “cooperation.” Our panel of experts will discuss considerations for self-reporting, who needs to be involved in the decision-making, and recent enforcement actions involving cooperation agreements.

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Cindy Fornelli
Center for Audit Quality
Executive Director

Cindy Fornelli is Executive Director of the Center for Audit Quality (CAQ), a position she has held since the CAQ was established in 2007. In 2016, Fornelli was honored for the eighth time by Directorship magazine as one of the 100 most influential people on corporate governance and in the boardroom. Accounting Today has named her one of the 100 most influential people in accounting for ten consecutive years. Prior to joining the CAQ, Fornelli was the Regulatory and Conflicts Management Executive at Bank of America and the Deputy Director, Division of Investment Management of the U.S. Securities and Exchange Commission.


Kara Novaco Brockmeyer
SEC, Foreign Corrupt Practices Act Unit

Kara Novaco Brockmeyer is the Chief of the Foreign Corrupt Practices Act (FCPA) Unit of the SEC’s Enforcement Division. In that role, she oversees nationwide investigations into violations of the anti-bribery and accounting provisions of the federal securities laws. She was one of the principal authors of the joint SEC-DOJ Resource Guide to the U.S. Foreign Corrupt Practices Act. Prior to becoming Chief of the FCPA Unit, Brockmeyer served as an assistant director in the division, where she supervised a broad range of SEC investigations, including investigations into FCPA violations, accounting fraud, market manipulation, public offerings, misconduct by regulated entities, and insider trading. She is the recipient of numerous awards, including the SEC’s Capital Markets Award and the Irving M. Pollack Award.

Rodney Chase
Audit Committee Member

Rodney Chase was elected to Tesoro’s Board of Directors in 2006 and serves on the Audit and Governance Committees. He has served as a Director of Hess Corporation since 2013 and currently is a member of the Audit Committee, and the Governance Committee. Until recently, Mr. Chase was the Non-Executive Chairman of Genel Energy plc in Europe and Computer Sciences Corporation.

Mr. Chase spent his 39-year career with BP plc, holding positions in shipping, refining, marketing, distribution, oil trading and gas, as well as finance and strategic planning. He served on the Parent Board of BP for 11 years as Director responsible for Refining & Marketing and Exploration & Production. He was Deputy Group CEO from 1999 to 2003.

Timothy Hedley

Dr. Timothy Hedley is a Partner in KPMG LLP's Forensic practice where he serves as Lead for the firm’s Fraud Risk Management service offerings. He provides his clients with a wide range of forensic services by assisting with the prevention, detection, and response to fraud and misconduct. He is the co-author of the books, The New Era of Regulatory Enforcement: A Comprehensive Guide for Raising the Bar to Manage Risk, and Managing the Risk of Fraud and Misconduct: Meeting the Challenges of a Global, Regulated and Digital Environment, both published by McGraw-Hill.

Fiona Philip
Sidley Austin LLP

Fiona Philip is a partner in Sidley’s Securities & Derivatives Enforcement and Regulatory practice group. Philip represents multinational corporations, officers and directors, and other individuals in a range of government and regulatory investigations. She also conducts internal investigations involving the Foreign Corrupt Practices Act, insider trading, accounting and internal controls irregularities, disclosure fraud, and corporate governance issues. Additionally, Philip provides compliance counseling to corporations designed to help prevent the need for such investigations.
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