Audit & Accounting

Treasury Secretary Timothy Geithner did his best at filling in the blanks on the Obama administration’s plan for cleaning up the so-called “toxic assets” clogging the balance sheets of banks.

In a hearing before the House Financial Services Committee, Treasury Secretary Tim Geithner asked lawmakers to grant the Treasury Department more power to seize failing financial firms.

From Accounting Technology editor Bob Scott’s most recent popular e-letter “Consulting Insights" comes this Random Thought: “I’ve decided if I were a public official, I would run government like a business, meaning I would invest in financial instruments, treat my employees as disposable, and pay out enormous and unmerited bonuses.”

About 89 percent of the 150 audit committee members at a recent KPMG conference said that the financial crisis had caused their company’s board or audit committee to change the nature and scope of its oversight.

ADP has launched ADP Access, a retirement program that combines the benefits of ADP’s 401(k) plan recordkeeping services and the guidance of a financial advisor.

Audits by the Internal Revenue Service of the tax returns of millionaires nosedived in the just-ended fiscal year, according to a new report.

Big Four Firm Ernst & Young has given Bentley University a $400,000 grant to revamp the school’s accountancy and finance curriculum.

The Congressional Budget Office has revised its projection of the 2009 deficit, adding another $400 million and bringing the total to a numbing $1.7 trillion.

The Obama administration has revealed the latest measure in its colossal financial rescue plan, enticing private investors to buy up to $1 trillion in troubled assets carried by banks.

Financial restatements in 2008 dipped 49 percent from the prior year, the lowest level in the past five years, according to a report compiled by proxy researcher Glass Lewis.