Audit & Accounting

Former Federal Reserve Chairman Alan Greenspan tried to explain his version of the reasons for the global economic crisis to a congressional panel, while expressing shock and disbelief that the problems had spread so far.

The Treasury Department has selected two of the Big Four accounting firms, PricewaterhouseCoopers and Ernst & Young, to help administer the Emergency Economic Stabilization Act's Troubled Asset Relief Program.

Proxy research and advisory concern Glass Lewis & Co. said it would expand its partnership with IW Financial, a provider of environmental, social, and governance research, to include a broader range of research offerings, including global security risk/terrorism and custom research.

Federal Reserve Chairman Ben Bernanke has given new life to calls for an economic stimulus package, but exactly what it will be is anybody's guess.

Fifty-five percent of the 688 CFOs and senior controllers surveyed by Grant Thornton said U.S. companies should be permitted to use International Financial Reporting Standards instead of U.S. generally accepted accounting principles.

The New York State Society of CPAs and its Foundation for Accounting Education plan to hold an auditing conference on Oct. 27.

Barry Melancon, president and chief executive of the American Institute of CPAs, opened his annual remarks regarding the state of the profession at the Fall Meeting of Council and Members by addressing the current economic crisis and the controversy around fair value accounting.

The recent surge in financial institution failures has sparked an uptick in governmental investigations into the imploding entities.

An Internal Revenue Service employee has been sentenced to one year's probation for improperly accessing tax information about one of his acquaintances.

Nearly half of U.S. companies have made no preparation to adopt International Financial Reporting Standards, according to a new survey.