The Financial Accounting Foundation, overseer of the Financial Accounting Standards Board and the Governmental Accounting Standards Board, recently named Robert J. DeSantis to the newly created post of president and chief operating officer.DeSantis, a seasoned corporate executive, financial officer, public accountant and attorney, was, most recently, chief financial officer of DSL.net, a broadband communications provider. He also served as executive vice president at Tellium Inc., a manufacturer of optical switching solutions, and held senior posts at both GTE Corp. and Big Four audit firm KPMG Peat Marwick.

Three executives at Mercury Interactive Corp. resigned after an internal investigation revealed that the company had allegedly manipulated stock options over the past decade.

RenaissanceRe Holdings Ltd. announced chairman and chief executive James N. Stanard resigned in light of investigations into the company's earnings restatement.

As part of its program to improve the clarity of international standards, the International Auditing and Assurance Standards Board of the International Federation of Accountants has issued exposure drafts of four proposed standards in a new drafting style.

The Securities and Exchange Commission will begin random annual visits to investment advisors, instead of its usual five-year visits, a ccording to published reports.

In mid-October, accounting firm Grant Thornton LLP was contacted by both the Securities and Exchange Commission and the Public Company Accounting Oversight Board about its role as auditor of Refco Inc.

General Motors Corp. announced in a filing that the Securities and Exchange Commission is investigating the company's handling of retirement benefits and its relationship with bankrupt auto-parts manufacturer Delphi Corp.