Audit & Accounting

I noted a few weeks ago that the "Joy of Cooking" celebrated its 75th anniversary with the publication of its ninth edition.

Home mortgage giant Fannie Mae announced that it will reduce its earnings by $6.3 billion to correct accounting problems dating back to 2001.

A new federal reports says that the National Strategy for Financial Literacy needs to contain some measures of accountability.The strategy belongs to the Financial Literacy and Education Commission, which was created by December 2003 legislation. The Government Accountability Office says that while the strategy is comprehensive in identifying the breadth of issues involved, the plan does not serve as a plan of action designed to achieve specific goals.

The Public Company Accounting Oversight Board will meet on Dec. 19 to consider exactly what changes to Sarbanes-Oxley’s internal control measures it will issue for public comment.

Robert N. Anthony, an honored member of the Harvard Business School faculty for more than 40 years and a prolific scholar, author and innovator in the field of management accounting and control, died Dec. 1 in New Hampshire.

Deloitte & Touche is the first of the Big Four to have its annual inspection posted by the Public Company Accounting Oversight Board this year.The PCAOB’s Nov. 30 report was posted to the board’s Web site late last week and cites Deloitte for failing to obtain sufficient evidence to back up decisions in a number of audits of public companies. The firm disagreed with the board's conclusions in nearly two-thirds of the audits cited, offering a rebuttal of many of the board's criticisms as part of a response letter included with the PCAOB's report

Mayer Hoffman McCann had expanded its presence again in Maryland, with the acquisition of the 14-employee Riggleman Smyth Accounting Services LLC.Financial terms of the deal were not disclosed, though Riggleman Smyth’s partners were admitted as shareholders in Mayer Hoffman.

Gerry Golub, who helped build Goldstein Golub Kessler LLP into one of New York’s most high-profile and progressive firms, announced that he will retire after a 44-year career in public accounting -- the last 25 spent as managing partner of GGK.

In the next couple of weeks, we will be sending out Accounting Today's annual Top 100 Firms survey, to be published in March 2007. The list, and our accompanying report on the profession's trends can only be as good as the data you provide.Over the years, the contact list for the survey has grown to more than 150 firms, all of which we will be sending this year's survey to via e-mail. The rankings are compiled according to annual revenues and this year, firms with over $25 million in revenue for 2006 should be certain they return the paperwork.

San Diego’s City Council has approved paying another $2.2 million to KPMG for the Big Four firm’s long overdue 2003 audit. The additional spending approval brings the city’s total KPMG tab to $6.6. million.