Audit & Accounting

KPMG's Canadian member firm said it has begun to implement a plan to reimburse employees for unpaid overtime after it was slapped with a class action lawsuit.

A judge has tentatively approved a $38.25 million settlement to be paid by Deloitte & Touche to investors in Delphi.

The Financial Accounting Standards Board has issued final guidance on transfers of financial assets and repurchase financing, which should have an impact on the mortgage and real estate investment trust industry.

Two additional defendants have been charged with criminal tax fraud in a tax shelter case involving current and former partners at Ernst & Young.

CCH has introduced Knowledge-Based Audits of Governmental Entities, a module in its CCH Accounting Research Manager series that helps professionals comply with risk assessment standards.

CPAs who are also senior financial executives expressed pessimism in the U.S. economy and expectations of continuing declines, according to a new survey by the American Institute of CPAs.

Since taking over management of the Institute of Management Accountants in January 2004, Paul A. Sharman has established an entirely new direction for the association.

Two accounting firms, Mueller Yuva & Osterman and Larson and Associates, have merged to combine their strengths in auditing, estate planning and other services.

Strategy and the Fat Smoker: Doing What’s Obvious But Not Easy by David Maister was given to me at the recent Winning Is Everything Conference, where he was a keynote speaker. This is the same David Maister who wrote the critically acclaimed Managing the Professional Firm (1993). I read that book twice and have heard him speak a number of times, and was always impressed by what he said, but always thought it was a bit theoretical.

The Securities and Exchange Commission has introduced Financial Explorer, a tool that shows corporate financial performance using interactive data in Extensible Business Reporting Language.