Audit & Accounting

In a decidedly non-scientific survey, Money Management International found that tax time can be very different for consumers born under different sun signs.For example, the MMI survey found that Libras expecting a refund plan to receive an average refund of $2,200, while Aries are expecting a significant $800 less.

The Securities and Exchange Commission endorsed the recommendations of the agency's professional staff to eliminate, “waste and duplication,” in companies’ compliance with the Sarbanes-Oxley Act.The change is particularly aimed at providing relief for smaller companies.

The Public Company Accounting Oversight Board released a new auditing standard along with guidance targeting how tax services are provided to people in financial reporting oversight roles.

The Securities and Exchange Commission filed, and settled, civil fraud charges against Tenet Healthcare Corp. and four former senior executives.

The Securities and Exchange Commission announced that its six district offices will become regional offices and report directly to the commission's Washington headquarters as of April 2.

The Securities and Exchange Commission announced last week that Nicor Inc., a Chicago-area natural gas distributor, and Jeffrey Metz, its former assistant vice president and controller, will pay more than $10 million to settle charges that they engaged in improper transactions, made material misrepresentations, and failed to disclose material information.The SEC filed a settled civil injunctive action against Nicor and Metz, alleging financial fraud lasting from 1999 to 2002. The funds Nicor and Metz agreed to pay in disgorgement and civil penalties will be placed in a fund for distribution to affected shareholders. Nicor also agreed to be permanently enjoined from violating the antifraud and reporting provisions of the federal securities laws.

SHAW AUDITOR RESIGNSThe Shaw Group Inc., a Baton Rouge, La.-based multi-services provider for clients in the government and private sectors, said that Big Four firm Ernst & Young will resign as the company's auditor.

Industry data projects that by 2010, nearly half of all CPA firms will, to some degree, be providers of financial services to affluent clients.This represents a dramatic leap from the situation today, when only 19.4 percent of CPA firms are currently providing financial services to this client base. The opportunity is there, but to tap into it, firms must expand their capabilities and services, which increasingly involves building alliances with insurance and benefit companies.

Retirement is the No. 1 personal financial planning concern, regardless of age, according to an informal survey taken by the American Institute of CPAs at its Personal Financial Planning Conference.The AICPA said that it was a surprised to see that retirement planning is a major concern for career builders - classified as those between the ages of 25 and 34 - who also have the more immediate pressures of education, home buying and debt management following close behind.

Broker/dealer H.D. Vest has teamed with Cannon Financial Institute, a provider of financial services consulting, to provide practice management training to its top 600 advisors. The training sessions are scheduled to take place in Arizona and Texas in May, and the program has been named "Elite Academy." Participants will begin with a single concentrated workshop on "creating a consistent client experience."