Audit & Accounting

CCH has released a white paper on the recent regulatory guidance from the Securities and Exchange Commission and the Public Company Accounting Oversight Board concerning the internal control provisions of the Sarbanes-Oxley Act.

Taking over the helm of Deloitte Touche Tohmatsu today, chief executive James Quigley and a new leadership team announced their plans to become the largest professional services network within the next two years.Quigley plans to bring a new focus on the Deloitte brand, as well as to build a stronger commitment to the firm’s people. He also wants to strengthen the connection between Deloitte member firms across regions, increase the number of professionals in key markets in Europe and Asia, and showcase the firms’ consulting capabilities as a market differentiator.

Bankrate, which is a leading Internet consumer banking marketplace, has released an interview with Christopher Cox, chairman of the SEC that was conducted as part of Bankrate.com’s Financial Literacy Program. Bankrate does a real service to the community with this interview and I commend them because it helps to put into focus what is actually going on with seniors and also how they can be protected from scams. Moreover, it comes from the person who should know, and does.Cox has first hand knowledge of what’s involved and he relates a tale about his own parents. “Before my mother died a few years ago, she was pestered by a seemingly endless barrage of annuity schemes and unsuitable mortgage offers. Despite the fact that she was suffering from throat cancer and could barely speak, she received unsolicited sales pitches over the phone and even in person. Even though my father was suffering from Alzheimer’s disease, the brokers would prey upon him, as well.”

The Financial Accounting Standards Board has released its most recent annual report, showing strong financials and continuing to focus on a trio of ongoing initiatives.FASB is funded through accounting support fees provided for under the Sarbanes-Oxley

Federal prosecutors will not bring criminal charges against Ernst & Young for the firm’s sale of legally questionable tax shelters -- although that news probably brought little comfort to the four current and former partners of the Big Four firm who were indicted on charges of tax fraud conspiracy.

Timothy P. Flynn has been elected chairman of KPMG International for a four-year term, effective Oct. 1. He succeeds Sir Michael Rake who is retiring from KPMG and become the next chairman of BT Group Plc.

James Rasheed’s new play, “Professional Skepticism,” will make its off-Broadway debut in late June.

According to the third annual study of current issues for the internal audit profession conducted by PricewaterhouseCoopers, a number of divergent and conflicting trends related to risk assessment are a concern among internal audit executives.

The Association of Government Accountants recently hosted a dinner and awards ceremony to honor 11 federal agencies that have been awarded the 2007 Certificate of Excellence in Accountability Reporting -- the highest number awarded since the program began.

Although the recent Council Meeting was run procedurally exactly as many Council meetings I have attended, I did notice some very importanct differences.