Audit & Accounting

The Obama administration has revealed the latest measure in its colossal financial rescue plan, enticing private investors to buy up to $1 trillion in troubled assets carried by banks.

Financial restatements in 2008 dipped 49 percent from the prior year, the lowest level in the past five years, according to a report compiled by proxy researcher Glass Lewis.

Global CPA and business-advisory firm Grant Thornton is gearing to launch a new practice unit — hedge fund internal control, governance and regulatory compliance services.

Today is the first day of spring and it’s a welcome sight for those of us in the Northeast. It’s been a rather interesting winter, to say the least. Although spring cleaning moves to the front burner, one does note that many people begin to look carefully at whether they have the right financial plan. During the winter, they kind of hibernate but with the advent of spring and the April 15th tax deadline looming, people generally start to take stock, much like they do on January 1st with New Year’s resolutions. My friend, John Napolitano, who is the chief executive officer of U.S. Wealth Management located in Braintree, Mass., and who is the author of the best-selling book Success as a Personal Financial Planner (published by Alpha), knows quite well how to build a thriving career in one of today’s hottest fields. So he has set forth specific questions that one should ask when looking for a financial planner. I should also say that John is quite blunt when it comes to financial planning. “Anyone with a pulse can call themselves a financial planner, and many people have hired planners who later turned out to be salesmen who didn't give a darn about their long-term plan.”

Ernst & Young and Swiss bank UBS have been sued by a group of investors in Luxembourg who put money in a fund that directed 95 percent of their assets to Bernard Madoff’s firm.

The economic crisis will force many companies to cut costs at their internal audit departments, according to a new study from PricewaterhouseCoopers.

The economic crisis is prompting more and more small-business owners to turn to their accountants for advice, according to a new survey.

A federal court in Texas has ruled in favor of the Internal Revenue Service as it seeks $226.6 million worth of back taxes from Sir Allen Stanford, the banker who has been accused of defrauding investors of $8 billion.

If you ever meet Leisha John, check out her fingernails.

In response to public outrage over the $165 million in bonuses awarded to AIG executives, the House voted 328 to 93 to levy a 90 percent tax on the money.