Audit & Accounting

Deloitte has teamed with the Institute of Internal Auditors on an educational alliance and curriculum for fighting fraud.

A 61 percent majority of chief financial officers at leading U.S. technology companies feel that shareholders should have a say on executive compensation plans, according to a new survey.

The Public Company Accounting Oversight Board has proposed an auditing standard on engagement quality review and a conforming amendment to the board's interim quality control standards that will supersede the board's interim concurring partner review requirement.

Four former executives of re-insurer General Re and one former executive of insurer American International Group were convicted by a jury of fraud and conspiracy for manipulating financial statements.

I sat in on part of a meeting of the Financial Accounting Foundation and heard that many in Europe are taken aback at the swift pace of convergence in the U.S. with international accounting standards, but they are still waiting for us to set a deadline.

The Internal Revenue Service has introduced an electronic filing system that allows small tax-exempt organizations to file Form 990-N "e-Postcards" to report their annual income.

The International Accounting Standards Board said its Fair Value Measurement project team has begun a standard-by-standard review of existing fair value measurements in International Financial Reporting Standards to assess whether each standard's use of a fair value measurement basis was intended to be an exit price.

ESMARK APPOINTS DELOITTE

For investment property owners, the first and last concern in a Sec. 1031 exchange transaction should be safety. "Will my funds be secure?" is the most important question to ask a qualified intermediary before beginning a Sec. 1031 exchange.Recent events by a handful of disreputable qualified intermediaries have led to speculation on what is the true litmus test for security of funds in a 1031 exchange. In response, a few QIs and pundits have generated a rash of propaganda and half-truths.

EISENBERG GARNERS PFP DISTINGUISHED SERVICE AWARDThe American Institute of CPAs has named Michael Eisenberg, CPA/PFS, of Los Angeles, the recipient of the 2007 Personal Financial Planning Distinguished Service Award.