Audit & Accounting

On the heels of the Securities and Exchange Commission's decision to temporarily postpone the filing date for smaller accelerated filers' management reports on internal controls, the commission's chief accountant hinted this week that foreign issuers could also get a reprieve on implementing the new rules.

The Institute of Management Accountants has named Severin Wilson to lead its international endeavors in the newly created post of assistant vice president of international development.

As the Teachers Insurance and Annuity Association of America and the College Retirement Equities Fund deals with the backlash over the conflict of interest that led to the resignation of two of its trustees, the controversy could cost Big Four firm Ernst & Young its gig as TIAA-CREF's auditor.

Compliance and accountability software provider Paisley Consulting, has sealed a deal with The Alliance for SOX 404 Compliance to provide SOX solutions to its member accounting firms.

A District Court Judge here has reportedly barred telecommunications giant MCI, formerly known as WorldCom, from making further payments to the accounting, law and consulting firms steering it through bankruptcy that haven't already been approved through the budgeting system set up by the court.

Ernst & Young has reportedly confirmed that the Securities and Exchange Commission is investigating the firm over its role in designing and auditing financing vehicles allegedly used by PNC Financial Services Group to inflate profits.

To help fund President Bush's reform plan to add personal retirement accounts to the Social Security program, the White House admitted that it would probably use government borrowing to cover the oft-debated "transition financing" phase of a new program.

Five of the eight people charged in connection with an accounting fraud at discount retailer Kmart Corp. have settled the charges brought against them by the Securities and Exchange Commission.

A mid-level House aide reportedly said that he was the one who added the controversial provision in last month's spending bill that would have given staffers on the House and Senate Appropriations Committees access to Americans' tax returns.

Ernst & Young has shed its investment banking arm by selling the practice to the consulting firm run by former New York City Mayor Rudolph W. Giuliani.