Larry E. Rittenberg, Ph.D., CPA, CIA has been named the new chairman of the Committee of Sponsoring Organizations of the Treadway Commission. In that role, Rittenberg will lead COSO's efforts investing in conceptual frameworks designed to enhance understanding and management of risk and control. Under his leadership, the organization will provide guidance for cost-effective small business application of COSO's Internal Control -- Integrated Framework. Rittenberg -- who is currently one of COSO's five board members -- succeeds John J. Flaherty, CIA, CPA. He currently teaches and conducts research at the University of Wisconsin in Madison, focusing on auditing and corporate governance. He is co-author of Auditing: Concepts for a Changing Environment, and The Outsourcing Dilemma: What Works Best for Internal Auditing. Established in 1985 to sponsor the National Commission of Fraudulent Financial Reporting, COSO is a voluntary private sector organization dedicated to improving financial reporting quality.

Nearly a decade has passed since IBM purchased Lotus Development Corp. and attracted widespread attention to the potentially large write-offs that were possible on financial statements for purchased in-process research and development.

GOP lawmakers okayed a move to give the House Financial Services Committee oversight of accounting standard-setting and electronic trading, an area that includes the Financial Accounting Standards Board, according to the Congressional Record.

In a move triggered by lawmaker's concerns over the marketing of abusive tax shelters by some accounting firms, the Public Company Accounting Oversight Board has proposed new rules restricting the ability of accountants to provide tax services to their audit clients.

What four words cause public accountants to cringe more than, "Where were the auditors?"

FASB hands down final options rule

Brussels - Europe is bracing for two major accounting reforms in the insurance industry, but most fear that the schedules could extend to at least 2007 and possibly to 2010.One of the reforms currently in the pipeline will consist of IFRS4 Phase II, or "Insurance Phase II." This will eventually replace the Phase I version - a measure currently in place that has not radically shaken up traditional regulations.