While a majority of financial executives polled feel that compliance with the sweeping Sarbanes-Oxley Act was beneficial for shareholders and has bolstered internal controls at their respective companies, just as many think Congress needs to revisit the legislation in the near future.

Krispy Kreme Doughnuts Inc. asked the Securities and Exchange Commission for an extra five days to file its 10-Q quarterly report, to give it time to complete an analysis of accounting related to "certain franchise matters."

The Governmental Accounting Standards Board has published an exposure draft that establishes guidance for termination benefits to state and local government employers.

While he conceded that the current financial reporting system needs lots of improvement, Financial Accounting Standards Board chair Robert H. Herz urged members of the profession to make changes at a measured pace.

On the heels of the Securities and Exchange Commission's decision to temporarily postpone the filing date for smaller accelerated filers' management reports on internal controls, the commission's chief accountant hinted this week that foreign issuers could also get a reprieve on implementing the new rules.

Ernst & Young has reportedly confirmed that the Securities and Exchange Commission is investigating the firm over its role in designing and auditing financing vehicles allegedly used by PNC Financial Services Group to inflate profits.

Five of the eight people charged in connection with an accounting fraud at discount retailer Kmart Corp. have settled the charges brought against them by the Securities and Exchange Commission.