Audit & Accounting

Financial services provider Wilmington Trust Corp. announced that it has acquired the Cayman Islands unit of PricewaterhouseCoopers Corporate Services Ltd. The unit provides company administration and bookkeeping services on the islands.

I couldn't believe the number of American Idol votes. The voters couldn't have been just those in their teens and twenties. Perhaps it isn't a coincidence that the votes were being cast as I was flying back from attending the AICPA Spring Council meeting in Salt Lake City.

Public companies working on national defense or national security issues can now get an exemption from the reporting requirements governed by the Securities and Exchange Commission from the director of national intelligence.

On the heels of yet another in-depth report, this one delivered by the Office of Federal Housing Enterprise Oversight, the top executive at home mortgage behemoth Fannie Mae said that his is a changed company.

Fannie Mae will pay $400 million to put an end to the accounting woes that have dogged the home mortgage giant since 2004.

The Public Company Accounting Oversight Board will propose rules for annual and special reporting of information and events by accounting firms that are registered with the board.

Four months after offering new incentives for companies to furnish their financial information in computer-readable interactive data format, the Securities and Exchange Commission announced that another trio of firms has joined the fun.

The International Federation of Accountants has issued its 2005 annual report, highlighting the update of its code of ethics, as well as the formal establishment of the Public Interest Oversight Board.

President Bush has nominated Republican Kathleen Casey, currently serving as staff director for the Senate Banking Committee, to replace Cynthia Glassman at the Securities and Exchange Commission.

The former chief accountant of the Securities and Exchange Commission said that the accounting profession must stand strong in advocating for more transparent financial disclosure and serve as a model for the rest of the world