A critic from Washington-based think tank the American Enterprise Institute has called on Congress to terminate the Public Company Accounting Oversight Board within five years and fold the oversight body into the Securities and Exchange Commission.

The American Institute of CPAs' Auditing Standards Board is poised to issue an exposure draft of five proposed statements and amendments to statements relating to auditors' risk assessment.

Penthouse International Inc., one of its former officers and a shareholder are facing civil charges by the Securities and Exchange Commission related to allegations that the former Penthouse magazine publisher violated federal securities laws and improperly booked $1 million in revenue.

Jonathan B. Orlick, former general counsel of Gemstar-TV Guide International Inc., was barred from serving as an officer or director of a public company for 10 years and agreed to pay more than $305,000 to settle charges brought against him by the Securities and Exchange Commission for his alleged role in helping the firm overstate revenue by more than $248 million over a three-year period.

Taxpayers who misreported their income to snare unjustified Earned Income Tax Credits are draining $2 billion a year from the U.S. Treasury, auditors at the Government Accountability Office recently told Congress.

Thanks to the help of the Financial Accounting Standards Board, more American jobs may stay in America in the near future.

Last month, the Financial Accounting Standards Board issued its long-awaited final statement on share-based compensation or "stock comp." But many wonder if that's the last that we'll hear of it.