Taxpayer Advocate Nina E. Olson is putting new pressure on lawmakers to establish nationwide standards that would weed out bad-apple tax practitioners and serve to protect the more than 60 percent of taxpayers who rely on paid tax preparers.In bluntly worded testimony suggesting that she is losing patience with both Congress and her own agency, Olson called on the House Ways and Means Committee to move forward on proposals to rein in rogue tax preparers and protect American taxpayers from other forms of abuse.

The Securities and Exchange Commission has filed enforcement actions against global advertising network McCann-Erickson Worldwide, its parent company Interpublic Group of Companies, and two of its former executives, charging them with accounting fraud.

The Securities and Exchange Commission has agreed to bar a former Arthur Andersen audit partner from appearing or practicing before the commission for at least five years.

While U.S. and international accounting standards seem set on an inevitable convergence path, some are worried that the U.S. approach may end up becoming a bad influence on International Financial Reporting Standards.

The Financial Accounting Standards Board and the China Accounting Standards Committee have signed a memorandum of understanding agreeing to strengthen communication and cooperation between the U.S. and Chinese standards setters.

Broadcom agreed to pay $12 million to settle charges with the Securities and Exchange Commission over the chip maker's stock-option backdating that led to a restatement of more than $2 billion.

The Financial Accounting Standards Board and the International Accounting Standards Board agreed on a set of proposals to accelerate the 2006 memorandum of understanding on convergence between International Financial Reporting Standards and U.S. generally accepted accounting principles.