Audit & Accounting

In response to the Financial Accounting Standards Board's recent proposal on the Hierarchy of GAAP, the American Institute of CPAs has issued an exposure draft introducing a proposed Statement on Auditing Standards that would apply only to nongovernmental entities.

In spite of President Bush's recent efforts to push his plan to overhaul Social Security, a majority of Americans surveyed disapprove of Bush's handling of the issue, according to a recent poll.

The Financial Planning Association, Moss Adams LLP and SEI Advisor Network are seeking financial planners to participate in their biennial compensation and staffing benchmark study.

TIAA-CREF's handling of an auditor independence issue that led to the resignations of two company trustees last December was "ultimately successful, although there were substantial missteps" along the way, according to a report released Thursday.

Reporting standards -- despite their complexity -- should be an exercise in honest communication, not merely an exercise in compliance, regulators and standard-setters told attendees at a financial reporting conference here.

Super-regional firm Plante & Moran has expanded its services and presence in the Chicagoland area with the addition of Wetmore & Associates, a boutique firm specializing in benefit plan audits.

The Securities and Exchange Commission this week filed fraud charges against Richmond, Va.-based paperboard and plastic packaging supplier Chesapeake Corp. and four of its former executives in connection with the company's 2000 restatements.

The Global Center for Leadership & Business Ethics has named two business executives and a scientist as the 2005 inaugural winners of its Laureate Award & Medal Series for their achievements in leadership, corporate governance and social responsibility.

The chief executives of the nation's fastest growing private companies have raised their sights for both revenue growth and new hiring over the next 12 months, but fewer are planning major new investments of capital, according to a survey by PricewaterhouseCoopers.

The Financial Accounting Standards Board has published an exposure draft to rank generally accepted accounting principles.