The 2008-09 downturn exposed several major financial frauds and resulted in numerous sprawling government investigations. Will the current economic disruptions and uncertainty result in the same? Drawing on their public sector and private sector experience, Baker Botts partners Lynn Neils and Brendan Quigley, and FTI Managing Director Morgan Magionos discussed the following topics:
- What are the current priorities of SEC Enforcement, the DOJ, and the FBI in light of the COVID pandemic, recent enforcement actions, and policy pronouncements?
- What do companies that have received government funds from programs like the Paycheck Protection Program need to do to ensure compliance? What best practices should these companies be undertaking to ensure a successful outcome if they are audited by the government?
- As companies expand into different lines of products or business areas to meet demand of the COVID crisis, what pitfalls do they need to be aware of?
- Economic disruptions often see the exposure of accounting and other financial fraud. What sorts of yellow flags should boards of directors be looking for when reviewing company financial statements and sales practices?
- What do recent enforcement actions and policy pronouncements tell us about what the government expects to see in a compliance program?
- What, if any, impact will the 2020 Presidential elections have on the government’s enforcement priorities?
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