Audit & Accounting

Chief audit executives face a number of challenges in attempting to comply with regulatory statutes, according to a survey conducted by data analysis firm ACL Services Ltd. in cooperation with the Institute of Internal Auditors.

Deloitte Touche Tohmatsu announced that it will establish a new group -- Deloitte Asean -- to spearhead organization expansion in the Asia-Pacific region.

PricewaterhouseCoopers announced that its new Japanese accounting firm, PwC Aarata, has completed the necessary regulatory steps to open for business July 1. PwC announced in May that it would be opening a new firm in the country after its audit partner in Japan received major penalties for poor supervision of its staff.

At the Deloitte Annual World Meeting in Singapore, Deloitte Touche Tohmatsu chief executive William G. Parrett said that better audits and further regulatory changes aimed at improving transparency are needed to tackle corporate fraud, build stronger capital markets and sustain Deloitte businesses over the long term.

A California state Senate committee canceled a hearing on a bill to allow out-of-state accountants to provide tax services in the state without first notifying the state's Board of Accountancy.

Federal Reserve Board Governor Mark W. Olson has been appointed the new chairman of the five-member Public Company Accounting Oversight Board for a term running until 2010.

California officials are starting to consider making changes to accounting reforms the state adopted in the wake of Enron Corp.'s collapse.

A joint initiative by FASB AND AICPA is seeking feedback on proposed enhancements to the FASB's standard-setting procedures that would determine whether the Board should consider differences in accounting standards for private companies within Generally Accepted Accounting Principles.

Retirement planning has always been a challenging task, but it is even more so today.The coming generations of retirees face a complicated planning process, because funds need to last far longer than in the past. Medical advances and healthier lifestyles are giving retirees extra decades to enjoy life, but without employment income. Therefore, planning needs to begin much earlier to help ensure a secure and rewarding retirement for our clients.

The Internal Revenue Service has recently been auditing 412(i) defined-benefit pension plans.They are seeking substantial taxes and penalties from what they characterize as "abusive plans," but they do not regard all 412(i) plans as necessarily abusive. A properly structured and administered 412(i) plan can be an invaluable tax reduction tool for a business, but care must be taken.