Audit & Accounting

Home mortgage giant Fannie Mae said that it won't face criminal charges over the company's massive accounting irregularities.

The widening options-timing scandal contributed mightily to a record-setting number of large U.S. corporations filing late financial reports for the second quarter, according to a study from market research firm Glass Lewis & Co.

A trio of state accounting boards have objected to the 'jointness' of a joint project from the Financial Accounting Standards Board and the American Institute of CPAs to form a committee to look at the financial accounting and reporting standard-setting process for private companies.

The executive vice chair of operations for KPMG LLP will take on the additional position of regional chief operating officer for the Americas region of KPMG International.

The Public Company Accounting Oversight Board will host a Boston forum on auditing in the small business environment.

One of the aspects of the Internet that many I and many others love is its interactive nature. Using a news search engine's push technology, news summaries on accounting firms are sent to me daily.

The International Federation of Accountants' education standards board has proposed new guidance outlining the skills accountants need to perform competently in a variety of information technology roles.

The Securities and Exchange Commission has released some enforcement statistics through July -- 10 month's into the agency's 2006 fiscal year.

The Treasury Department and the Internal Revenue Service have issued proposed regulations clarifying the treatment of expenditures incurred in selling, acquiring, producing or improving tangible assets.

OPENTV RETAINS GRANT THORNTON: OpenTV Corp., a San Francisco-based developer of software used by cable and satellite TV operators to offer their subscribers interactive content and services, named Grant Thornton as its new independent accountant. Grant replaces Big Four firm KPMG.In a federal filing, OpenTV said that there were no disagreements with KPMG during the fiscal years ended Dec. 31, 2004 and 2005, and through June 29, 2006, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.