Audit & Accounting

The Securities and Exchange Commission settled a civil fraud action against the city of San Diego's independent auditor, Thomas J. Saiz and his firm Calderon, Jaham & Osborn, after he agreed to pay a $15,000 penalty.

The Public Company Accounting Oversight Board has imposed a $1 million penalty on Deloitte & Touche and issued orders instituting disciplinary proceedings against the firm and one of its former audit partners for a 2003 audit of Ligand Pharmaceuticals.

CPA firm Argy, Wiltse & Robinson has acquired Spear Safer CPAs & Advisors, allowing the Virginia-based firm to expand further in South Florida.

The real meat of Proposed Interpretation 501-8, “Failure to Follow Requirements of Governmental Bodies, Commissions, or Other Regulatory Agencies on Indemnification and Limitation of Liability Agreements with a Client,” by the AICPA Professional Ethics Division isn’t in the text of the proposed interpretation, but rather in what was specifically avoided.

Former UnitedHealth chairman and CEO William W. McGuire agreed to pay a record settlement of $468 million to settle a stock options backdating case with the Securities and Exchange Commission.

A Pennsylvania judge has dismissed a professional malpractice lawsuit against KPMG employees accusing them of breach of contract, negligence, fraud and negligent misrepresentation.

More than 110 female financial advisors and 200 guests gathered recently for the 13th Annual Women’s Symposium in St. Petersburg. Florida, hosted by the Raymond James Network for Women Advisors. It was a three-day event that covered business building sessions and networking activities. There was a wide array of speakers and breakout sessions provided guests with economic outlook updates and useful information on practice management and professional development. There was even a technology lab set up for on-site training that offered hands-on demonstrations of various tools such as the new Client Relationship Manager, the Financial Planning Suite, and the Advisor’s Resource Console. In addition, home office departments conducted showcases with presenters attending from the Planning Corporation of America, Alternative Investments Group, Marketing, The Trust Companies, Raymond James Bank, Asset Management Services, Investment Banking, and Wealth Solutions. The Raymond James Network for Women Advisors was established in 1994 with the goal of providing advisors with educational and networking opportunities to help grow their practices. The Network aims to assist female financial advisors in leveraging their talents to create successful and fulfilling careers. Through a collection of activities and resources, it strives to help women advisors expand their knowledge, expertise, and businesses in a supportive, collaborative environment. The Network also offers an annual gathering of its top recognition club women advisors. This event allows these senior level women to discuss specific issues they commonly face in their practices such as succession planning, team development, as well as unique estate planning strategies for high-net-worth clients. A key component of The Network is the Women’s Advisory Council. This group of 12 female financial advisors, with varying levels of experience and a range of practice types, provides guidance and assistance to Raymond James’ women advisors. Along with developing strategies for supporting women, the group also serves as a resource to branch and senior management as the firm looks to attract quality female financial advisors. The Council is also responsible for shaping the agenda of the Symposium, from identifying timely topics to leading or facilitating many of the event’s breakout sessions. Karen Schultz, vice president, and director for the Network, says that council members are integrally involved in mentoring activities, from leading monthly conference calls for trainees to providing advice, support, and guidance to experienced advisors. The Network also provides business development support to its women advisors, including offering consulting services to advisors who are considering local sponsorship opportunities, assisting in the creation of materials to promote the event, and, in some instances, providing financial support. Moreover, Schultz points out that the Women's Resource Centerwas created specifically for women advisors and contains links to useful marketing materials and strategies, tips, and best practices for growing a business, an "ask the experts" page, links to Websites containing key information and statistics on women, articles of interest, and a calendar of events.

The Internal Revenue Service issued a revenue procedure that describes the conditions under which changes to certain subprime mortgage loans will not cause the Internal Revenue Service to challenge the tax status of certain securitization vehicles holding the loans.

The Securities and Exchange Commission has released a previously announced set of computer labels corresponding to generally accepted accounting principles that companies can use to make their financial statements more interactive.

Financial Accounting Standards Board Chairman Robert Herz envisions a day when FASB will become part of the International Accounting Standards Board, but there are some hurdles to overcome first.