Audit & Accounting

Bankrate, which is a leading Internet consumer banking marketplace, has released an interview with Christopher Cox, chairman of the SEC that was conducted as part of Bankrate.com’s Financial Literacy Program. Bankrate does a real service to the community with this interview and I commend them because it helps to put into focus what is actually going on with seniors and also how they can be protected from scams. Moreover, it comes from the person who should know, and does.Cox has first hand knowledge of what’s involved and he relates a tale about his own parents. “Before my mother died a few years ago, she was pestered by a seemingly endless barrage of annuity schemes and unsuitable mortgage offers. Despite the fact that she was suffering from throat cancer and could barely speak, she received unsolicited sales pitches over the phone and even in person. Even though my father was suffering from Alzheimer’s disease, the brokers would prey upon him, as well.”

The Financial Accounting Standards Board has released its most recent annual report, showing strong financials and continuing to focus on a trio of ongoing initiatives.FASB is funded through accounting support fees provided for under the Sarbanes-Oxley

Federal prosecutors will not bring criminal charges against Ernst & Young for the firm’s sale of legally questionable tax shelters -- although that news probably brought little comfort to the four current and former partners of the Big Four firm who were indicted on charges of tax fraud conspiracy.

Timothy P. Flynn has been elected chairman of KPMG International for a four-year term, effective Oct. 1. He succeeds Sir Michael Rake who is retiring from KPMG and become the next chairman of BT Group Plc.

James Rasheed’s new play, “Professional Skepticism,” will make its off-Broadway debut in late June.

According to the third annual study of current issues for the internal audit profession conducted by PricewaterhouseCoopers, a number of divergent and conflicting trends related to risk assessment are a concern among internal audit executives.

The Association of Government Accountants recently hosted a dinner and awards ceremony to honor 11 federal agencies that have been awarded the 2007 Certificate of Excellence in Accountability Reporting -- the highest number awarded since the program began.

Although the recent Council Meeting was run procedurally exactly as many Council meetings I have attended, I did notice some very importanct differences.

A U.S. appeals court told the judge overseeing the KPMG tax shelter cause that if he believes federal prosecutors violated the rights of former KPMG employees he should toss the entire case.

I get many e-mails from readers asking whether I have a financial planner and if so, who? I get some e-mails even from financial planners simply looking for business.So, the answer is yes, I do have a financial planner because I don’t believe in doing it myself--sort of akin to the lawyer who represents himself has a fool for a client or the neurosurgeon who decides to operate on herself. Nope, I may know a lot but I still don’t know what a tried and tested financial planner knows.