Problems in Middle Earth?

More data/information on the Coke breach (55 laptops “temporarily” stolen over six years; did you know that >half of Fortune 1000 companies had a breach affecting more than 1,000 employees each year?; may have been part of process of integrating operations of a bottler bought in 2010; senior executive in charge of integrating the new business left Coke 2 days after breach discovered; Coke has tighter security than most). “Data Breaches Like Coke’s Aren’t Rare,” Wall Street Journal, January 27, 2014 B3 http://on.wsj.com/1hF5EPA

And the Apple monitor kerfuffle keeps kerfuffling along.  One of the possible impacts of doing something wrong is having the court appoint a monitor to oversee everything, it appears. “Apple Monitor Backed,” Wall Street Journal, January 27, 2014 B5 http://on.wsj.com/1aYbP09

What if the information you collect in Country A can’t legally be sent to Country B, where you need it?

“China Criticizes Judge’s Ruling Suspending Auditors,” Wall Street Journal, January 27, 2014 C3 http://on.wsj.com/1gjX8ca.   An SEC administrative law judge penalizes Big Four accounting firms for failing to turn over information on audits of operations in China of Chinese companies traded in US markets; the Chinese affiliates of the Big Four say disclosure of those materials outside of China is against Chinese law. China says it’s willing to negotiate.  The SEC may not be as willing.  So, if you’re the audit partner in Shanghai, where do you want to serve your time? If you’re the Chinese company listed on the NYSE, where else might you be listed? Do people remember that person from Shell who got into China trouble over market data?

 

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Filed under Business Case, Controls, Legal, Requirements, Risk

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