Audit & Accounting

KPMG, through its private foundation, has awarded 10 more $10,000 minority doctoral scholarships for accounting students, on top of the 35 it has already handed out in the 2007-2008 academic year.

Financial business intelligence software developer Razorsight said it plans to provide spend-analytics software for Kintera's Fundware line of nonprofit and government accounting software.

Following on the heels of his former boss, Internal Revenue Service Acting Commissioner Kevin M. Brown plans to leave the IRS in mid-September to become chief operating officer of the American Red Cross.

The Securities and Exchange Commission has charged the former chairman and CEO of Brooks Automation, Robert J. Therrien, with allegedly receiving over $10.4 million in undisclosed compensation by fraudulently backdating stock options.

The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board's new internal control auditing standard, known as AS5, by a 5-0 vote.

Accounting firm BDO Seidman saw its revenue increase $31 million to $589 million in the fiscal year ended June 30, 2007.

The Public Company Accounting Oversight Board has proposed a new ethics rule on communicating with audit committees concerning independence.

United States v. Stein, a U.S. District Court for the Southern District Court opinion (July 17, 2007) by District Judge Lewis Kaplan, is fascinating reading, and may have significant implications for a number of firms.

LogicManager released an upgrade to its LogicERM enterprise risk management software that takes advantage of the new AS5 risk-based audit standard.

Significant internal control weaknesses remain in the preparation of the U.S. government's consolidated financial statements, according to a report from the Government Accountability Office.