PCAOB to share reports with states

The Public Company Accounting Oversight Board will provide its full inspection reports to states that agree to honor Sarbanes-Oxley confidentiality provisions, the board's chairman told state regulators in October.

"We have worked out a system to provide the full reports to the boards in states where the firms are licensed, pursuant to a certification that the state board will honor the confidentiality provisions of the Sarbanes-Oxley Act," PCAOB chair William McDonough said at the annual meeting of the National Association of the State Boards of Accoutancy, here. He said that only eight states have provided the board such certifications so far. "We very much consider the state boards of accountancy as our partners in constructing a safety net for public company investors and others who use and rely on financial statements," McDonough said.

SEC formalizes Fannie Mae probe

The Securities and Exchange Commission stepped up to a formal probe its previous informal inquiry into accounting issues at mortgage giant Fannie Mae, the company disclosed in an SEC filing. Fannie Mae had revealed the SEC's informal inquiry in September, when it disclosed that a report on its accounting policies and practices uncovered serious issues that raised doubts about the validity of its previous financial results. The issues raised in that report by Fannie Mae's regulator, the Office of Federal Housing Enterprise Oversight, are the subject of the SEC probe.

Fiducial expands, eyes more

SEC names deputy chief accountant

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