Audit & Accounting

The Securities and Exchange Commission warned American International Group Inc. that it is mulling a civil action against the insurance company for possible securities laws violations related to three press releases that the commission says are misleading.

South Carolina regulators are reportedly mulling disciplinary action against KPMG LLP over the firm's past sales of allegedly abusive tax shelters.

An astounding 93 percent of chief information officers and other senior information technology executives are unaware of their IT control assessment responsibilities under Sarbanes-Oxley Section 404, according to Obian Inc.

After three years in development, the Committee of Sponsoring Organizations of the Treadway Commission has released its finalized Enterprise Risk Management - Integrated Framework.

Former Securities and Exchange Commission Chairman Arthur Levitt Jr. and former CNN chair Walter Isaacson have been named to the board of the Global Center for Leadership & Business Ethics, an independent entity established to recognize individuals and organizations with extraordinary business ethics and leadership qualities.

The Justice Department has added perjury and obstruction of justice charges to the criminal case against Richard M. Scrushy, the former chief executive and chairman of scandal-plagued HealthSouth Corp.

Despite a challenging business environment, chief financial officers' optimism about the economy and their own companies' financial prospects remains high, according to a recent poll.

The Securities and Exchange Commission has issued a proposal that would allow filers to submit financial data in eXtensible Business Reporting Language, or XBRL.

The International Accounting Standards Committee Foundation Trustees have tapped Australian Stock Exchange chief Richard G Humphry to serve as a trustee from the Asia-Pacific region.

KPMG LLP has admitted 160 new partners for 2004, up nearly 40 percent over the 115 new partners the firm admitted last year.