Audit & Accounting

The Resnick Group LLC, based here, has merged its practice with New York-based accounting and financial consulting firm Druckman Hill LLP.

The Securities and Exchange Commission named Linda C. Thomsen to head the agency's enforcement division succeeding Stephen Cutler, who is leaving the regulator this month for a post in the private sector.

In the midst of a massive restatement, troubled mortgage-finance concern Fannie Mae said it won't file its first-quarter financial report with the Securities and Exchange Commission on time.

MCI agreed to pay $100 million in cash to the state of Mississippi for back taxes the state claimed were owed by the company's predecessor, WorldCom.

A crackdown on abusive tax shelters that includes codifying the economic substance doctrine would create legal booby traps for small businesses and open the door for new abuses by unscrupulous tax shelter promoters, the American Institute of CPAs warned Congress.

The NASD has censured and fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations relating to the firms' fee-based brokerage business.

The number of internal controls weaknesses related to lease accounting issues jumped more than 10 percent in April, according to a report released this week.

The Public Company Accounting Oversight Board is soliciting nominations and re-nominations to fill 14 slots on its Standing Advisory Group.

Saks Inc. asked three of its top executives, including its chief accounting officer, to resign, following an investigation by its audit committee related to the improper collection of vendor markdown allowances in one of its merchandising divisions.

A newly issued revenue procedure, Rev. Proc. 2005-28, makes it easier for some taxpayers to adopt a simpler method of allocating and apportioning interest expenses in determining their net U.S. and foreign-source income for foreign tax credit purposes.