Audit & Accounting

Are you able to get what you need from reviewing financial statements? Do you think there are ways to enhance the usefulness of the presentation of the information?

The International Auditing and Assurance Standards Board has completed a project aimed at updating and clearing up ambiguities in auditing standards.

The American Institute of CPAs has appointed four new members of the Auditing Standards Board.

Freddie Mac CEO David Moffett has submitted his resignation after running the troubled housing lender since only last September.

The town of Fairfield, Conn., has filed a lawsuit against KPMG and an investment advisor after its employee retirement programs lost an estimated $40 million in two hedge funds that invested all their assets with Bernard Madoff.

The International Association of Consultants, Valuators and Analysts is launching a fraud deterrence training program in partnership with the fraud and forensic consulting firm Cendrowski Corporate Advisors.

Berkshire Hathaway chairman Warren Buffett said in his annual letter to shareholders that he endorses mark-to-market accounting, even though it helped produce the worst financial results for his company in the 44 years he has been running it.

Although admittedly many people look upon January 1st as the trigger-point for resolutions, an organization known as Savvy Ladies figures that April 15th is really the better date. “Tax time is often the only time of the year when a lot of people sit down and look at how much they’ve earned and how much they’ve been able to save,” says Stacy Francis, founder of Savvy Ladies and a certified financial planner,. “It’s a bit of a shock for many to see how much cash slips through their fingers every month.” Savvy Ladies is dedicated to providing financial education to women in their quest for financial independence. It has free monthly newsletters, seminars, and teleconferences that are pegged at fostering a sense of community and are specifically designed to educate, amuse, and fulfill savvy women who want to take control of their financial future. There are currently 2,100 members and growing rapidly. The founder of this organization is Stacy Francis who is the president of Francis Financial, a New York City-based firm that specializes in helping individuals create more fulfilling lives through financial freedom.

Rep. Paul Kanjorski, D-Pa., has introduced a bill in Congress to close a legal loophole that allowed Bernard Madoff’s tiny auditing firm to avoid scrutiny.

The Public Company Accounting Oversight Board’s chief auditor and director of professional standards, Thomas Ray, has resigned and plans to return to the private sector on March 6.