WebCPA Staff

Three out of four audit committee members say they have increased their hands-on involvement with management, and are reassessing risk management and oversight as a result of the economic crisis, according to a new survey.

The Association of Certified Fraud Examiners wants top executives at public companies to open up their finances to scrutiny by auditors and regulators.

Employment search provider Monster Worldwide agreed to pay the SEC $2.5 million in penalties to settle stock option backdating charges.

The Senate Finance Committee released a set of policy options for financing health care reform, including modifying the current tax treatment of health-related expenses.

Sage North America has upgraded its Peachtree accounting software line with new customer management, business analytics, workflow, security and other features.

Super-regional CPA and business advisory firm J.H. Cohn LLP posted annual revenues of $246.4 million, an 11 percent rise over the year-ago period.

BKD is expanding its presence in Texas by combining with KBA Group, adding over 100 people to the accounting firm.

Weaver and Tidwell’s longtime managing partner, W. M. “Mack” Lawhon, is stepping aside after nearly a quarter century at the helm.

Three quarters of executives in a recent survey by Deloitte reported increased concern over violating anti-bribery laws such as the Foreign Corrupt Practices Act.

The Supreme Court has agreed to hear a case challenging the constitutionality of the Public Company Accounting Oversight Board.

The Financial Accounting Standards Board has made changes in two of its standards related to off-balance-sheet items to require companies to make more disclosures of special-purpose entities, and to practically eliminate the exemption for qualifying special-purpose entities.

Over a third of U.S. CPAs said they want to become more familiar with international accounting standards, but most of them don’t know how much the standards will cost their companies to implement.

Five trade groups representing banks, financial service firms and insurance companies sent a joint letter to Congress registering continued displeasure with fair value and mark-to-market accounting and impairment rules, despite recent changes.

H&R Block said it is re-aligning its tax and corporate structures and putting CEO Russ Smyth in charge of tax operations.

Research firm Audit Integrity issued a negative report to investors and auditing firms about Starbucks Corp., warning that the coffee retailer rates poorly on several risk factors, including equity risk, class-action litigation and financial restatements.

Syracuse accountant David Moynihan has taken the reins as the new president of the New York State Society of CPAs.

A court-appointed trustee has hired a team of forensic accountants to recreate customer accounts as part of the liquidation of Bernard Madoff’s scandal-scarred investment management firm.

The IRS is providing a new withholding adjustment option for pension plans as a way to get around some of the glitches that have developed with the new Making Work Pay tax credit.

The IRS should follow the lead of state motor vehicle bureaus to improve customer service, according to a new report from an IRS watchdog.

The Obama administration and the Treasury Department are calling for greater regulatory control of the over-the-counter derivatives market.