The Latest

The Public Company Accounting Oversight Board voted to adopt Auditing Standard No. 5, which will replace its previous internal control auditing standard, the much-maligned Auditing Standard No. 2.

Financial services provider the Bisys Group will pay $25 million in restitution to settle federal charges that it violated financial reporting rules to artificially inflate earnings by $180 million over three years.

Dressed in an outfit that matched four other singers, Otis Williams had soaked his shirt with seat by the end of the concert—drenched with sweat after 46 years on the music tour.

Glass, Lewis & Co., a major player in the world of investment research and global proxy advisory and voting services, announced that Lynn Turner will leave his post as managing director of research on June 8.

As part of its annual partner conference, Insights 2007, Sage Software launched a new version of its SalesLogix customer relationship management system.

National Taxpayer Advocate Nina E. Olson announced that the Internal Revenue Service has awarded almost $8 million in matching grants to Low-Income Taxpayer Clinics for the 2007 grant cycle.

Federal prosecutors won’t pursue the Texas law firm of Sidley Austin LLP for its part in signing off on sketchy tax shelter structures.

The Securities and Exchange Commission unanimously approved guidance yesterday aimed at helping public companies balance their internal control over financial reporting, while at the same time reducing unnecessary costs, particularly for smaller companies.

There’s no real question that something needs to be done about the fate of the alternative minimum tax.

The House of Representatives passed a bill to shore up oversight of home mortgage giants Fannie Mae and Freddie Mac, the federally backed businesses that have been mired in accounting scandals and restatements.Under the legislation, a new, independent regulator will be created to oversee the businesses, and a portion of their profits will be set aside for an affordable housing fund (capped at $520 million). In the first year, the money would be earmarked for victims of Hurricanes Katrina and Rita.