The Securities and Exchange Commission named Linda C. Thomsen to head the agency's enforcement division succeeding Stephen Cutler, who is leaving the regulator this month for a post in the private sector.

In the midst of a massive restatement, troubled mortgage-finance concern Fannie Mae said it won't file its first-quarter financial report with the Securities and Exchange Commission on time.

The NASD has censured and fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations relating to the firms' fee-based brokerage business.

The number of internal controls weaknesses related to lease accounting issues jumped more than 10 percent in April, according to a report released this week.

Saks Inc. asked three of its top executives, including its chief accounting officer, to resign, following an investigation by its audit committee related to the improper collection of vendor markdown allowances in one of its merchandising divisions.

A newly issued revenue procedure, Rev. Proc. 2005-28, makes it easier for some taxpayers to adopt a simpler method of allocating and apportioning interest expenses in determining their net U.S. and foreign-source income for foreign tax credit purposes.

In response to the Financial Accounting Standards Board's recent proposal on the Hierarchy of GAAP, the American Institute of CPAs has issued an exposure draft introducing a proposed Statement on Auditing Standards that would apply only to nongovernmental entities.