May 10, 2013 – May 17, 2013
The summaries provided in this Weekly Recap do not necessarily represent the views of Squire Sanders (US) LLP and should not be deemed to be endorsements of them. The Recap is intended to be a compilation of articles and events to encourage discussion within the conflict minerals community and to keep our readers updated on the most recent developments.
American Institute of CPA’s Provides Conflict Minerals Guidance
Those familiar with the conflict minerals rule know that if a reporting company manufactures or contracts to manufacture a product that contains necessary conflict minerals, the reporting company must file a report with the SEC and publish the report on its website. Furthermore, if the minerals contained in the product financed or benefited armed groups, the company must file a more detailed “conflict minerals report” that must be audited by an independent private sector auditor. The audit must be conducted in accordance with standards of the U.S. Comptroller General and existing generally accepted government auditing standards, such as the standards for attestation engagements or the standards for performance audits.
To aid companies in filing their conflict minerals reports and obtaining an independent private sector audit (if required), the American Institute of CPA’s (AICPA) has its own conflict minerals resource page that provides background information on the conflict minerals rule. In addition to the background information, the AICPA also published a Conflict Minerals Reports Questions & Answers sheet “to provide nonauthoritative guidance and describe the key similarities and differences between the two services—an examination attestation engagement and a performance audit.”
PwC – Conflict Minerals: Time to Get Started
In addition to its 10Minutes on Conflict Minerals, highlighted in our Conflict Minerals Weekly Recap #25, PwC published an additional guide titled, “Conflict Minerals: Time to Get Started.” In its release of “Conflict Minerals: Time to Get Started,” PwC states, “This article outlines practical steps companies can take to initiate their conflict minerals compliance efforts, components of an effective program, and our observations on key success factors. It includes a simplified decision tree that can help companies understand how they are impacted by the rule, as well as an illustration of PwC’s framework for compliance based on OECD guidance and SEC requirement.”
Kontron Releases Conflict Minerals FAQ
Kontron, a global leader in embedded computer technology, recently released a conflict minerals FAQ on its website. The conflict minerals FAQ contains questions such as:
- Are Tin, Tantalum, Tungsten and Gold (3T&G) necessary to the functionality or production of Kontron’s products?
- How is Kontron collecting data from its suppliers?
- Does Kontron require its direct suppliers to be conflict-free?
- Will Kontron fill individual customer surveys?
The conflict minerals FAQ is a unique, easy to read way of presenting a company’s position on conflict minerals to its customers and suppliers.