Audit & Accounting

The Public Company Accounting Oversight Board has revoked the registration of Armando C. Ibarra PC of Chula Vista, Calif., and censured Dallas-based Turner, Stone & Co. LLP, citing violations of PCAOB guidelines and auditing standards uncovered during its inspection process.

The Internal Revenue Service is lifting a moratorium on determination letter applications for conversions from traditional defined benefit pension plans to so-called cash balance plans.

Derrick Kinney is one of the most charming people on the face of the earth. He is also recognized as one of the nation’s leading authorities on helping small business owners, entrepreneurs, and the self-employed succeed with the affluent. Moreover, he is the author of the bestselling "Master the Media to Attract Your Ideal Clients."

The long-awaited trial of 16 former executives at Big Four firm KPMG on charges of conspiracy and tax evasion will begin in September.

As expected, President Bush signed a massive bill that would extend expiring tax, health and trade legislation.

The Lure of Enron’s Lore

In a nod to opponents and critics who complained about the costs of internal controls audits, the Public Company Accounting Oversight Board voted unanimously to circulate a proposal that would trim down the amount of testing necessary to evaluate internal controls over the financial reporting process.

The Securities and Exchange Commission and the Federal Reserve Board have jointly released rules to implement “broker” exceptions for banks.

Nearly two weeks after the Public Company Accounting Oversight Board’s audit inspection team cited Deloitte & Touche for audit deficiencies, the oversight body’s report on PricewaterhouseCoopers criticized a number of 2005 audits performed by that Big Four firm.

Though revenues from the U.S. Government rose 12 percent over fiscal 2006, to $2.4 trillion, the future costs for social insurance programs such as Medicare and Social Security will be trillions more than initially projected.