Audit & Accounting

The Securities and Exchange Commission issued a statement clarifying the accounting treatment for money market mutual funds amid the growing turmoil in the financial markets.

KPMG was on the losing side of a $17.6 million verdict in a case involving an investor who claimed the firm gave him bad tax advice.

The Securities and Exchange Commission charged American Italian Pasta Co. and its former senior executives with participating in a fraudulent accounting scheme to artificially increase the company's stock price, and the company agreed to pay $7.5 million to settle the charges.

Tax preparers in Oregon may set a standard for future regulation of tax preparers nationwide, according to a new report from the Government Accountability Office.

The Financial Accounting Standards Board has issued three exposure drafts of proposed financial standards and amendments relating to accounting for transfers of financial assets.

As one investment bank after another falls prey to the expanding crisis in the credit and mortgage markets, accounting regulators are trying to get a handle on the mess.

"Have you heard of this group?" asks Howard, my editor, handing me a printout.

The Internal Revenue Service has reached a settlement with the law firm Arnold & Porter, which has paid an undisclosed penalty for promoting tax shelters.

The American Institute of CPAs has issued a proposed update to its audit guide for the gambling industry that takes into account some recent issues faced by casinos.

The Financial Accounting Standards Board has issued a staff position aimed at improving disclosures about credit derivatives.