Audit & Accounting

By my count, Securities and Exchange Commission Chairman Christopher Cox must have stamped out at least another couple of brushfires over these recent summer months.

Kathleen L. Casey was sworn in as the 88th Securities and Exchange Commission commissioner by Chairman Christopher Cox on Monday.

The Financial Accounting Standards Board is likely to formally add a project on lease accounting to its agenda this week, according to published reports.

Late last month, the SEC announced the institution and simultaneous settlement of an enforcement action against Morgan Stanley (Morgan Stanley & Co. Incorporated and Morgan Stanley DW Inc.). The SEC action alleged that Morgan Stanley failed to maintain and enforce adequate written policies and procedures to prevent the misuse of insider information in its possession.

More than 2,000 companies appear to have used backdated stock options, according to a new paper from professors at the University of Iowa and Indiana University.

New rules will allow the New York State Board of Regents stronger local oversight of CPAs who are disciplined by the Securities and Exchange Commission.

The Financial Accounting Standards Board issued an interpretation that clarifies the way companies account for uncertainty in income taxes.

Natural gas distribution company Nicor Inc. will reportedly pay a $10 million fine to settle charges of deceptive accounting practices brought by the Securities and Exchange Commission.

New guidance, stressing efficient application of effective internal control over financial reporting, was released this week by the Committee of Sponsoring Organizations of the Treadway Commission.

Following a judge's suggestion, 16 former KPMG partners facing charges over their role in selling questionable tax shelters are suing the Big Four firm for legal fees.