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Control Chatter

August 2022

News that Control Professionals need to know

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Internal Control Chatter
Each month the staff of The Internal Control Institute reviews hundreds of articles related to Internal Control and Corporate Governance. Here are brief summaries of some of the top articles (along with links to the original article) that may be of interest to you.

SEC charges Granite with fraud, firm pays $12M

By Joe Bousquin

Aug. 26, 2022

In the culmination of an investigation that caused Granite Construction to restate three years of its financial results, the Securities and Exchange Commission charged the California-based contractor and a former executive with financial reporting fraud. Granite agreed to pay $12 million to settle the SEC’s charges against the company. The agency named Granite and former senior vice president Dale Swanberg in its Thursday announcement. It alleged Swanberg, who oversaw Granite’s heavy civil group, hid cost increases and manipulated profit margins in the flagging unit beginning in 2017. The alleged scheme unraveled in mid-2019 when several projects neared completion, and the recognition of increased costs could no longer be deferred.

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Venezuelan Businessman Charged in Bribery and Money Laundering

August 24, 2022

A federal grand jury in Miami returned an indictment today charging a Venezuelan national for laundering the proceeds of substantially inflated procurement contracts obtained by making bribe payments to senior officials at Petropiar, a joint venture between Venezuela’s state-owned and state-controlled energy company and an American oil company.  According to the indictment, from at least 2015 through at least May 2019, Rixon Rafael Moreno Oropeza, 46, allegedly engaged in a scheme to obtain multimillion-dollar contracts from Petropiar by paying bribes to senior officials at Petropiar. Moreno allegedly agreed to pay a $1 million bribe to a senior official in the Venezuelan government to install another person as a high-ranking official in the procurement division of Petropiar.

Read The Article

Twenty new active FCPA-related investigations disclosed since January 1, 2020

By Richard L. Cassin

August 22, 2022

Following recent SEC filings that described previously unreported FCPA-related investigations, there are at least 100 confirmed ongoing investigations overall, with 20 new active investigations first disclosed since the start of 2020, according to data from FCPA Tracker. Here’s a breakdown of those 20 new investigations that are ongoing: Which industries? Four companies that disclosed new FCPA-related investigations since 1.1.2020 are from the oil and gas segment. Two are defense contractors, two are medical device makers, and two are from the telecommunications industry. There’s one pharmaceutical firm, a tobacco company, a life science firm, a car maker. a beverage company, one technology firm, and another from the renewable energy industry.

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Corporate Governance: The Role Of Different Stakeholders

by Rachel Genovese

August 19, 2022

Corporate governance refers to the relationship between key individuals of companies and the manner in which companies are controlled and directed. For a company to maintain good corporate governance it must have a sound legal, regulatory, and institutional framework on which to rely – in this respect governments, regulators, and pressure groups play a key role as stakeholders. When implementing good, transparent, responsible, and ethical corporate governance policies, a company would need to take into account legislation and regulation, self-regulatory arrangements, voluntary commitments, and accepted business practices. Companies are expected to maintain adequate financial resources, abide by all disclosure requirements applicable and ultimately cooperate with regulatory authorities and abide by all the applicable acts, rules, regulations, guidance notes and best practices.

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Balancing the Books: GAO Finds New Flaws with Federal


AUG 19, 2022

The Government Accountability Office (GAO) is out with a new set of recommendations for how the U.S. government can better compile official financial statements – an issue the GAO has been raising with Federal officials for a quarter century with varying success. In a Management Report released on Aug. 16, GAO said it uncovered four new “internal control deficiencies” in the process that the Department of the Treasury, in coordination with the Office of Management and Budget (OMB), used to prepare the government’s fiscal year 2021 financial statements.

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Top 10 International Anti-Corruption Developments for July 2022

BYMorrison & Foerster LLP

August 17, 2022

Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption developments from the past month, with links to primary resources. This month we ask: Did a U.S. appellate court affirm a business executive’s conviction under the Foreign Corrupt Practices Act (FCPA) related to an alleged Russian bribery scheme? What were the conclusions of an independent review of the performance of the UK Serious Fraud Office (SFO) in a major foreign bribery prosecution? Which major South American country significantly revised the way it will evaluate corporate compliance programs? The answers to these questions and more are here in our July 2022 Top 10.

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Eight Focus Areas For Audit Committees In 2022

By Simone Grimes

Aug 16, 2022

The past few years have emphasized fundamental organizational changes brought on by the pandemic. Companies are being called to embrace the impacts of digital transformation, monitor rises in cyber risks, embrace ESG regulations and keep pace with shifts in talent dynamics. This adds to the audit committee’s responsibility to ensure that public disclosures and financial reporting are transparent, accurate and in compliance with regulations.

This article highlights eight areas of focus for audit committees in 2022.

First Thing First: Focus On Financial Reporting And Internal Control Risks

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Segregation of duties (SoD)

ByRahul Awati

What is segregation of duties?

Segregation of duties (SoD) is an internal control designed to prevent error and fraud by ensuring that at least two individuals are responsible for the separate parts of any task. SoD involves breaking down tasks that might reasonably be completed by a single individual into multiple tasks so that no one person is solely in control. Segregation of duties is also known as separation of duties and is an essential element of an enterprise control system. The idea is to assign different parts of a task or transaction to different people to prevent any one person from gaining sole or excessive control and then misusing that control for nefarious or unauthorized purposes, such as perpetrating fraud or embezzling company funds.

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The Internal Control Institute™ (ICI) improves organizational Internal Control worldwide by providing training, products and services and individual Professional Certifications
recognized internationally. The Institute's Board of Advisors has determined it would like to further expand into areas where it is not directly represented. ICI provides world-class
programs and its intellectual property to affiliates free of charge and shares all program
revenue with them. If your organization is interested in partnering with ICI to earn revenue while you contribute to the development of the internal control profession worldwide please contact Dr. Michael Pregmon, Jr., Chief Operations Officer, by email at or by phone at 727-538-4113 in the USA.

Below is a list of WorldWide Affiliates currently serving the profession. If your area is not represented please consider partnering with ICI
2022 Certification Training Program & Exams

ICI and affiliates around the world have a busy training program scheduled for 2022. For more details on the CICS Training programs on offer visit the Events page on our website by clicking on the link below.

ICI World Wide Affiliates

Contact: Mr Aminur Rahman
Tel: +88 01749 400600
Contact: Soulémane BABA DAMAGUI
Tel: +0022997492600

Contact: Mr Humphrey Chawafambira
Tel: +267 75618647
Contact: Mr Eduardo Person Pardini
Tel: +55 11 2599 8360
Contact: Mr Eric Kamegne
Tel: +237 658 292 978
The website of ICI Cameroon is now operational

Our first CICS session in April is online only
Contact: Mr Qiu Jianting
Tel: 400-098-1119 or 010 68004176

Contact: Mr. Yves Dupont
Tel: 0032 2 305 35 25
Contact: Mr Summit Goyal
Tel: +91 9810 575 613
Contact: Mr Nereo Guzman Mendoza
Tel: +52 811 181 3514
Middle East
Contact: Mr Belal Abdul Jabbar
Tel: +962 6 5927171
Contact: Mr Yazid Berrada
Tel: +212 (0) 522-872-585
Myanmar & Cambodia
Contact: Mr Sanjeev Gathani
Tel: +65 9655 4633
Contact: Mr Joel Aluko
Contact: Mr Muhammad Farooq Hammodi
Contact: Mr Cosmin Serbanescu
Tel: +40 752 525 525
Singapore, Malaysia, Indonesia & Taiwan China
Contact: Mr Bob Seetoh

South Africa
Contact: Ms Sedie Jane Masite
Email: or
Contact: Ms Nadia Yaich
Contact: Ms Ilknur Tunc
Tel: +90 312 442 50 15
Contact: Mr Jesus Salazar Ras
Tel: +58 426 737 8096 or + 58 416 291 3788
Contact: Mr Nguyen Thanh Tung
Tel: 848 3803 5020
Contact: Dr Proctor Nyemba
Tel: +263 4 443124

Control Quotes:

"Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning." 

-Albert Einstein

About ICI
The Internal Control Institute™ (ICI) is a worldwide organization devoted exclusively to internal control and corporate governance. The Institute is dedicated to the development of world-class educational programs and best practice guidelines on internal control and corporate governance, based on the Sarbanes-Oxley Act and the COSO internal control framework.
Visit us on the web at the Internal Control Institute