Audit & Accounting

California Rep. Christopher Cox, President Bush's nominee for chairman of the Securities and Exchange Commission, disclosed his stock, mutual fund and other assets on Tuesday, the value of which could range from $2.7 million to $5.9 million.

PricewaterhouseCoopers will pay $41.9 million in civil penalties to settle claims that it over-billed the government for travel-related expenses.

After nearly two years of deliberation, the Securities and Exchange Commission dismissed an administrative proceeding against two former partners of Arthur Andersen & Co. last week.

The executive stock option settlement initiative launched in February has received a strong turnout, according to the Internal Revenue Service. The initiative provided corporate executives and their companies a means to resolve an abusive tax transaction involving the transfer of stock options to family controlled partnerships.

Accounting firm Marcum & Kliegman LLP has launched a Risk Management & Corporate Advisory Services Group.

Buoyed by strong growth in its five business sectors, consulting giant Accenture Ltd. posted third quarter profits of $484 million, compared with $368 million in net income from the year-ago third quarter.

DreamWorks Animation SKG Inc., the studio behind "Shrek" and "Shark Tale," announced on Monday that the Securities and Exchange Commission has launched a probe into trading of its stock and the release of its first quarter results in May.

Krispy Kreme Doughnuts Inc. named Douglas R. Muir, a consultant to the company since December 2004, as the company's new chief accounting officer on Friday.

The board of KPMG LLP elected Timothy P. Flynn as chairman and chief executive, succeeding Eugene O'Kelly, who will step down to deal with a recent diagnosis of advanced-stage cancer.

Courts look unkindly at CPAs who advise clients beyond their qualifications - for instance, by dispensing legal advice (if they're not attorneys as well). Knowing where to stop and refer clients to other professionals, as well as how to manage the other specialists in a client's financial life, are critical skills for effective investment advisors.