Audit & Accounting

Speaking to an American Institute of CPAs conference, Securities and Exchange Commission Chairman Christopher Cox suggested that accounting rules need to be simplified in order to ensure that financial irregularities aren't hidden.

Foundation Software, a national developer of construction accounting systems, will unveil a new CPA Audit/Review Module at the AICPA Construction Conference next week.

AMR Research estimates that companies will spend $6 billion on complying with Sarbanes-Oxley Act requirements in 2006, close to the $6.1 billion they will spend in 2005.

The U.S. Treasury and Internal Revenue Service have issued guidance relating to provisions of the Katrina Emergency Tax Relief Act of 2005 that allow Hurricane Katrina victims to access employer-sponsored retirement plans and IRAs.

Former Congressman Bill Gradison has been named acting chairman of the Public Company Accounting Oversight Board.

Ameriprise Financial -- the entity spun off by former parent American Express -- and its broker-dealer arm agreed to pay $57.3 million to settle charges of illegal trading and brokerage misconduct.

The Public Company Accounting Oversight Board issued a report saying that while the initial implementation of Sarbanes-Oxley and, specifically, Section 404, has not been without its challenges, the board is confident the process will be easier in the future.

Investors punish firms that disclose internal control weakness as required by Sarbanes-Oxley provisions, but having a Big Four auditor mitigates the negative price hit, according to new research out of Indiana University.

The European Commission said that it might delay accepting U.S. accounting standards as being equivalent to those used in the European Union.

The Securities and Exchange Commission unanimously voted to request public comment on rules that will allow companies to use the Internet to satisfy proxy material delivery requirements.