Audit & Accounting

Longstanding weaknesses in the financial systems of government agencies pose a "formidable challenge," according to a report released by the Government Accountability Office.

The remaining five defendants in the KPMG tax shelter case are seeking a postponement in the trial until after October.

A majority of financial executives rank data quality and information integrity as the No. 1 priority, according to a new survey.

House lawmakers passed a $16 billion energy tax bill that does away with tax breaks for oil and gas companies and shifts the incentives to alternative energy, despite the threat of a veto from President Bush.

According to a recent press release, a nationwide telephone survey of 1,000 investors conducted for the Center for Audit Quality (CAQ) indicated that 79 percent of those surveyed felt changes brought about by the Sarbanes-Oxley Act bolstered their confidence in financial information presented.

In its second merger of the year, Pittsburgh-based CPA firm Malin, Bergquist and Co. LLP has combined with a firm based in nearby Erie, Pa.: Diefenbach Delio Kearney & DeDionisio.

Two New York firms are combining forces, with Tarrytown-based Platt, Barth, Elson & Steinman P.C. merging with New York City-based Marks Paneth & Shron LLP.

Although there are reams of literature and generally accepted guidelines stating that people typically spend 75 percent to 80 percent of their pre-retirement income during retirement, some advisors have found that's not necessarily the case.In fact, some say the spending levels are about the same.

When the Institute of Internal Auditors reached out to the world in an effort to understand the nature of internal auditing, it hoped to get comments from 20 countries.It heard from 91.

CVB ENGAGES KPMGCVB Financial Corp., an Ontario, Calif.-based holding concern for Citizens Business Bank, has hired Big Four firm KPMG as its independent accountant, replacing McGladrey & Pullen.