Audit & Accounting

Mayer Hoffman McCann had expanded its presence again in Maryland, with the acquisition of the 14-employee Riggleman Smyth Accounting Services LLC.Financial terms of the deal were not disclosed, though Riggleman Smyth’s partners were admitted as shareholders in Mayer Hoffman.

Gerry Golub, who helped build Goldstein Golub Kessler LLP into one of New York’s most high-profile and progressive firms, announced that he will retire after a 44-year career in public accounting -- the last 25 spent as managing partner of GGK.

In the next couple of weeks, we will be sending out Accounting Today's annual Top 100 Firms survey, to be published in March 2007. The list, and our accompanying report on the profession's trends can only be as good as the data you provide.Over the years, the contact list for the survey has grown to more than 150 firms, all of which we will be sending this year's survey to via e-mail. The rankings are compiled according to annual revenues and this year, firms with over $25 million in revenue for 2006 should be certain they return the paperwork.

San Diego’s City Council has approved paying another $2.2 million to KPMG for the Big Four firm’s long overdue 2003 audit. The additional spending approval brings the city’s total KPMG tab to $6.6. million.

I am working on an article for the January issue of Practical Accountant on the risk assessment standards that apply to all non-public company audits. They are effective for audits of financial statements for periods beginning on or after Dec. 15, 2006.

The former chairman and chief executive of CNA Insurance Cos. has been named chairman of the Financial Accounting Standards Advisory Council.

Just a few days after receiving the Public Company Accounting Oversight Board’s proposed budget for 2007, the Securities and Exchange Commission unanimously approved the document, which includes a 4.2 percent increase in funds, setting next year’s outlays at $136.4 million.The board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The budget also includes a provision that the board will tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.

Recently, I was asked by my town officials to become a member of the fire sprinkler inspection team, whose purpose as explained to me, is to ensure that all emergency sprinkler systems within our area’s municipal buildings are up to code and functional.

The Internal Revenue Service announced new guidelines for taxpayers to follow in order to substantiate donations to charities that were made via payroll deduction.

The Public Company Accounting Oversight Board approved a $136.4 million budget for the 2007 calendar year, an increase of 4.2 percent over last year.Under the Sarbanes-Oxley Act, which created the accounting regulator, the board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The board will agreed to tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.