Audit & Accounting

The Treasury Department has released a report on The Changing Nature and Consequences of Public Company Financial Restatements as part of an effort to encourage U.S. capital markets competitiveness.

In the midst of what he termed the "mother of all crises," former Federal Reserve Chairman Paul Volcker maintained that the worsening economic climate sends a clarion call to repair and reform the U.S. financial system.

The American Institute of CPAs has issued revised Standards for Performing and Reporting on Peer Reviews, along with interpretations of those standards.

The Securities and Exchange Commission has filed securities fraud charges against five former San Diego officials who failed to adequately disclose problems with the city's municipal bonds in 2002 and 2003.

Many clients of CPA firms are Boomers who will be retiring in increasing numbers over the next decade. What does that mean? Obviously that means firms will be looking to continue to retain many of those retirees as clients,and it will also mean there will be a need to find a steady supply of new clients.

Cain to Chair Leading Edge Alliance

Financial Web site myStockOptions.com has opened an online Tax Center that explains issues related to equity compensation for tax year 2007.

The first waves of Baby Boomers have turned 62 this year and started claiming Social Security benefits. But, according to the National Association of Insurance Commissioners (NAIC), many are confused about their post-retirement health insurance options. As a result, the association has offered 10 tips that planners should consider with their clients:

Clifton Gunderson, the 14th largest accounting firm in the U.S., has named Krista McMasters as the firm's first female CEO.

The Senate Finance Committee heard testimony from Roby B. Sawyers, a professor in the College of Management at North Carolina State University and a member of the American Institute of CPAs' Tax Executive Committee, about the institute's recommendations for estate tax reform.