Audit & Accounting

Former Big Five auditing firm Arthur Andersen has reached a proposed settlement for an additional $38 million with the plaintiffs in a decade-long class-action lawsuit over the firm’s audits of the telecommunications company WorldCom.

Dembo, Freedman & Shutt, CPAs, P.C. has agreed to merge with Teal, Becker & Chiaramonte.

HSMC Companies of Lee’s Summit, Missouri and Orizon CPAs of Omaha, Neb., have officially merged.

President and CEO Ken Bishop shares the latest news from the National Association of State Boards of Accountancy.

The International Federation of Accountants and the International Integrated Reporting Council have signed a memorandum of understanding to promote cooperation, coordination and alignment in developing an international framework for Integrated Reporting of sustainable business practices.

The Mironov Group LLC recently opened a new office in Blue Bell, Pennsylvania and placed Charles Diegel as partner in charge.

The American Institute of CPAs appears to be making progress on a Financial Reporting Framework for Small and Medium-sized Entities that it has been developing in the wake of the Financial Accounting Foundation’s decision to set up a Private Company Council, and plans to expose the framework by the end of the month.

CCH has released a new publication to assist accountants who are conducting audits of participants in Department of Housing and Urban Development programs.

The staff of the Governmental Accounting Standards Board has created a fact sheet to clear up some of the misconceptions about the recent changes in public pension accounting standards.