Audit & Accounting

The Securities and Exchange Commission has told Goodyear Tire & Rubber Co. that it will likely recommend enforcement action for accounting errors originally disclosed two years ago.

The Uniform Accountancy Act committees of the American Institute of CPAs and the National Association of State Boards of Accountancy issued an exposure draft of updated rules governing the profession.

A $193 million settlement may be close for thousands of PNC Financial Services Group shareholders who joined a class-action lawsuit stemming from a 2001 accounting scandal.

The Securities and Exchange Commission's annual Small Business Capital Formation Forum will be held in conjunction with a meeting of the commission's advisory committee on smaller public companies, Sept. 19 and 20 in San Francisco.

A former accountant at bank HVB Group pleaded guilty in the first prosecution arising from a Senate investigation of tax shelters.

The third edition of PricewaterhouseCoopers' study, "Audit Committee Effectiveness: What Works Best," warns that given their increased workload, audit committees need to resist the temptation to try and do everything themselves.

The Financial Accounting Standards Board issued a revised exposure draft, titled, "Accounting for Transfers of Financial Assets."

Negotiations are continuing between federal prosecutors and KPMG, and an indictment of the firm for its role in selling tax shelters appears to have been ruled out, according to published reports.

Management consulting firm Navigant Consulting Inc. will acquire Canadian forensic accounting practice Kroll Lindquist Avey for $20 million.

An independent committee has finished its report into accounting practices at Krispy Kreme Doughnuts Inc., and the country's second-largest doughnut chain has announced plans to reduce past income statements by more than $25 million.