Audit & Accounting

The tax shelter trial of three former KPMG executives and an outside attorney began in a New York courtroom Wednesday, but with most of the original defendants no longer present.

The Center for Audit Quality, the CFA Institute, the Council of Institutional Investors and the Consumer Federation of America have written to the Securities and Exchange Commission opposing demands for the SEC to override the Financial Accounting Standards Board's rules on fair value accounting.

Former Securities and Exchange Commission Chairman Arthur Levitt blamed recent SEC actions for contributing to the credit crisis and urged legislators to expand fair value accounting.

The federal government plans to spend $250 billion to buy equity stakes in troubled banks to help them weather the credit crisis.

A New Jersey jury has awarded a company nearly $32 million after it sued KPMG for negligence; with interest, the verdict amounts to over $41 million.

Presidential candidate Sen. John McCain, R-Ariz., and his rival Sen. Barack Obama, D-Ill., have proposed differing tax and retirement plan measures to deal with the economic downturn.

KPMG International has named a deputy chairman.

As more clients are confronted with shrinking retirement portfolios, layoffs and hardship getting bank loans for their business and personal needs, accountants are being asked for advice on how to survive through lean times.

The American Bankers Association has written to the Securities and Exchange Commission demanding that it override the Financial Accounting Standards Board's guidance on fair value accounting.

The former CEO and CFO of drug store chain Duane Reade were indicted on fraud charges for allegedly inflating the company's income.