Audit & Accounting

KPMG LLP has named Bruce Pfau vice chair of human resources.

Consumer favorite Krispy Kreme Doughnuts Inc. said that the ongoing probe into its accounting practices by the Securities and Exchange Commission has become a formal investigation.

Big Four firm KPMG and its Belgian unit agreed to pay $115 million to settle a class-action shareholder lawsuit that alleged that the firm's audits of Belgium-based Lernout & Hauspie Speech Products NV violated generally accepted accounting and auditing principles.

Former partners of PricewaterhouseCoopers and Ernst & Young have joined with executives from Hewlett-Packard and Lucent to form a new consulting company that will focus on helping mid-market companies improve outsourcing effectiveness.

The Department of Justice charged eight former executives of software maker Peregrine Systems Inc., the company's former outside auditor and two of its outside business partners with conspiracy to commit a multi-billion dollar securities fraud.

A coalition of analysts at 17 socially responsible investment firms representing over $147 billion in assets has banded together to call on publicly traded companies worldwide to start reporting annually on their key social and environmental policies, practices and performance.

As part of efforts to ensure the accuracy of Social Security numbers on wage statements, the Internal Revenue Service should consider revising its rules for waiving the penalties associated with filing statements with inaccurate numbers, the Government Accountability Office said this week.

In an effort to strengthen its wealth management practice, Wachovia Corp., the nation's fifth-largest bank, agreed to acquire wealth advisory firm Tanager Financial Services Inc.

While half of them will need it at some point in their lifetime, when it comes to long-term care, most Americans get a failing grade, according to a survey conducted by MetLife.

The Securities and Exchange Commission warned American International Group Inc. that it is mulling a civil action against the insurance company for possible securities laws violations related to three press releases that the commission says are misleading.