Audit & Accounting

Treasury Secretary Henry Paulson announced a program to allocate $20 billion to back a $200 billion Federal Reserve facility for consumer lending.

Lawyers representing two former KPMG executives asked a judge overseeing their trial on tax charges to declare either a mistrial or dismissal in the tax shelter case.

Lately we’ve been hearing so many contradictory statements from Treasury Secretary Henry Paulson in such a short period of time that I’m beginning to wonder if we have two look-alikes running around Washington testifying on Capitol Hill and giving impromptu news conferences where they say exactly the opposite.

The Public Company Accounting Oversight Board has approved a $157.6 million budget for calendar year 2009, a $13 million increase from the $144.6 million it approved for 2008.

President-elect Barack Obama announced the key members of his economic team on Monday, including his pick for Treasury Secretary, New York Federal Reserve president Timothy Geithner.

Pessimism about the U.S. economy among CFOs and senior-level executive CPAs hit an all-time high this quarter, according to a new survey, with most of them not expecting a turnaround for at least another year.

CPA firm Cottrill Arbutina Professional Services has acquired an eight-person tax and audit group from S.R. Snodgrass, expanding its reach in Western Pennsylvania and its auto dealership client base.

CBiz has signed a deal to acquire Mahoney Cohen, a New York-based accounting firm that is expected to contribute about $55 million in annual revenue next year.

Reality TV addicts, here’s an interesting nugget for you. Rockville, Md.–based Aronson & Company sponsored one of their clients, Dan Ryan Builders, in a project with ABC’s Extreme Makeover: Rockville, Md.–based Aronson & Company sponsored one of their clients, Dan Ryan Builders, in a project with ABC’s Extreme Makeover: Home Edition television show, which remodels homes of struggling families.

Companies that are the subjects of Securities and Exchange Commission enforcement actions for financial fraud are more than twice as likely to go bankrupt as those that are not, according a study by Deloitte Forensic Center.