Audit & Accounting

The Center for Audit Quality has joined with the Council of Institutional Investors and the CFA Institute to come out in opposition of suspending mark-to-market or fair value accounting.

The Senate voted to reaffirm the Securities and Exchange Commission's authority to suspend mark-to-market accounting as part of its approval of the financial rescue plan, as fair value measurement comes under fire from banking groups.

The Treasury Department said it has opened its Temporary Guarantee Program for Money Market Funds, whereupon the Treasury will guarantee the share price of any publicly offered eligible money market mutual fund – both retail and institutional – that applies, and pays a fee, to participate in the program.

Senate leaders were expected to vote Wednesday evening on their version of the $700 billion financial bailout package after compromising on a series of tax breaks and increasing the limit on insured bank deposits.

A majority of tax and financial executives favor the research and development tax credit simplification proposed by the Senate, according to a survey by Grant Thornton.

In a massive setback for the Bush administration and the Treasury Department, House lawmakers defeated the mammoth $700 billion bailout plan for Wall Street, sending stocks spiraling and leaders on both sides of the aisle vowing to resurrect the package as soon as possible.

The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

Barry Salzberg became CEO of Deloitte LLP in June of last year after serving four years as U.S. managing partner and has steered the firm toward increased revenues, better education, green consulting and even an employee video festival.

The Treasury Department's Advisory Committee on the Auditing Profession has approved and adopted a final report with recommendations on how to improve the sustainability of the profession, but not without some dissension.

iPro One said it has acquired a minority ownership interest in Tegra Financial Partners, an affiliate of the Georgia accounting firm Habif, Arogeti & Wynne.