Audit & Accounting

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.

I am working on an article for the January issue of Practical Accountant on the risk assessment standards that apply to all non-public company audits. They are effective for audits of financial statements for periods beginning on or after Dec. 15, 2006.

The former chairman and chief executive of CNA Insurance Cos. has been named chairman of the Financial Accounting Standards Advisory Council.

Just a few days after receiving the Public Company Accounting Oversight Board’s proposed budget for 2007, the Securities and Exchange Commission unanimously approved the document, which includes a 4.2 percent increase in funds, setting next year’s outlays at $136.4 million.The board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The budget also includes a provision that the board will tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.

Recently, I was asked by my town officials to become a member of the fire sprinkler inspection team, whose purpose as explained to me, is to ensure that all emergency sprinkler systems within our area’s municipal buildings are up to code and functional.

The Internal Revenue Service announced new guidelines for taxpayers to follow in order to substantiate donations to charities that were made via payroll deduction.

The Public Company Accounting Oversight Board approved a $136.4 million budget for the 2007 calendar year, an increase of 4.2 percent over last year.Under the Sarbanes-Oxley Act, which created the accounting regulator, the board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The board will agreed to tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.

Hitachi America Ltd. XBRL Business Unit announced the launch of its Xinba 2.0 Reader and Analyzer, a desktop-based Microsoft Excel add-in that gives users the capability to import, open and manipulate Extensible Business Reporting Language directly in the program.XBRL is a technology that tags financial information through disparate applications and carries it through the business reporting chain. Software that can actually manipulate the data into usable form is only just beginning to be introduced on a broad base.

The International Accounting Education Standards Board is seeking comment on an exposure draft of its strategic plan for 2007-09.

This column has to do with life expectancy. If you would rather not know when you are departing this world, then perhaps you don’t want to read any further. But if you are curious enough to know what your longevity might be and how this is critical for retirement planning, read on.I asked one calculator which said I would leave this earth in 12 years, 306, days, 3 hours, 38 minutes, and 24 seconds, as of the time I got this down on paper. Another calculator estimated that I would last until I was 90.21 while a third one had me pegged taking off at age 89.