Audit & Accounting

A board within the International Federation of Accountants is seeking comment on its exposure draft that addresses what auditors should consider when dealing with related parties and related-party transactions.

You hear over and over again that your money has to outlive you, even for an hour. When I talk to friends and family about various financial planning aspects, the most feared one is exactly that...outliving money.There is this woman, age 91, that I know. She is a widow, in relatively good health, has a house that is fully paid (no mortgage), has a Social Security check that comes in each month for some $1,800 and a small pension amount from a prior job of about $110 a month. She buys very little food because she goes to a senior center almost every day and they load her up on free food.

The Deloitte Touche Tohmatsu Board has approved the nomination of James H. Quigley -- currently the head of Deloitte’s U.S. arm -- as the next global chief executive officer of the Big Four firm, though worldwide member firm partners must still vote on the appointment.Quigley, who has served as Deloitte's U.S. chief for the past four years, will succeed William G. Parrett, another former U.S. chief whose eight-year term ends on May 31.

Sage Software has unveiled the latest version of Sage Fundraising 100, its donor relationship management system for midsized and large nonprofit organizations.

The Government Accountability Office recently released a report on detailing some of the conclusions gleaned from a recent forum on engaging and retaining older workers.

In a return to the office’s roots, the Securities and Exchange Commission has named a director for its Office of Legislative and Intergovernmental Affairs. Meanwhile, the Internal Revenue Service has appointed a new head of its Office of Professional Responsibility, which was created in the wake of the Enron implosion.

In a unanimous vote, 412-0, the House said that it will require a trio of accounting regulators to provide regular updates on the work being done to reduce the complexity of financial reporting and develop principles-based accounting standards.Through 2012, either the chairmen or other designees from the Securities and Exchange Commission, the Public Company Accounting Oversight Board and the Financial Accounting Standards Board will now provide annual testimony to the House Financial Services Committee.

Despite escalating responsibilities, audit committees are spending less time on the priority issue of risk oversight, and also failing to develop diversity of talent and expertise within their own ranks.That’s the conclusions of Ernst & Young’s “2006 Audit Committee Survey,” which found that during the past year, audit committees have spent 20 percent or less of their time on risk oversight, and that 91 percent of audit committee members are over the age of 50, while only 8 percent of committees have more than one female member.

A flurry of e-mails and letters arrived just under the deadline for the Public Company Accounting Oversight Board’s 70-day comment period regarding proposed changes to the audit standard on internal controls over financial reporting.

The International Federation of Accountants is seeking nominations for members of its boards and committees in 2008.