Audit

The recent surge in financial institution failures has sparked an uptick in governmental investigations into the imploding entities.

An Internal Revenue Service employee has been sentenced to one year's probation for improperly accessing tax information about one of his acquaintances.

In what can be termed a shift in placement, the Governmental Accounting Standards Board and the American Institute of CPAs are proposing that certain guidance in the latter's literature belongs in the literature of the former.

One benefit of the academic life is flexibility to spend some time each summer catching up on our reading.

KPMG HOLDS VIRTUAL JOBS FAIR

“Every day, we receive phone calls or e-mails that begin, ‘I just inherited (or acquired) a coin collection. What do I do?’ Unfortunately, all of us in the rare coin business have heard horror stories over the years about widows who sold their late husband’s collections at a fraction of the true value because they didn't have enough information. We've set up this new service so heirs can quickly get accurate information and find reputable dealers,” says Ron Guth, President of Professional Coin Grading Service (PCGS), one of the world’s largest, third-party rare coin authentication companies.

The Internal Revenue Service announced cost-of-living adjustments on the dollar limitations for pension plans and other items in tax year 2009, even as Social Security benefits are expected to rise next year.

The Financial Accounting Standards Board is considering delaying implementation of its controversial standard on accounting for uncertainty in income taxes for private entitiies.

The International Accounting Standards Board and its U.S. counterpart, the Financial Accounting Standards Board, plan to create a global advisory group to review financial reporting issues related to the credit crisis.

Accounting firm LarsonAllen has combined with yet another firm - Davis, Keller and Wiggins - expanding its presence in the St. Louis area and its automobile dealership client base.

The tax shelter trial of three former KPMG executives and an outside attorney began in a New York courtroom Wednesday, but with most of the original defendants no longer present.

The Center for Audit Quality, the CFA Institute, the Council of Institutional Investors and the Consumer Federation of America have written to the Securities and Exchange Commission opposing demands for the SEC to override the Financial Accounting Standards Board's rules on fair value accounting.

The federal government plans to spend $250 billion to buy equity stakes in troubled banks to help them weather the credit crisis.

A New Jersey jury has awarded a company nearly $32 million after it sued KPMG for negligence; with interest, the verdict amounts to over $41 million.

KPMG International has named a deputy chairman.

The American Bankers Association has written to the Securities and Exchange Commission demanding that it override the Financial Accounting Standards Board's guidance on fair value accounting.

KPMG plans to contribute $1.5 million over the next five years to a village in Tanzania as part of a poverty relief project.

The Trustees of the International Accounting Standards Committee Foundation gave the International Accounting Standards Board the go-ahead to suspend due process rules in order to accelerate their response to the credit crisis.

The Financial Accounting Standards Board issued two separate but related exposure drafts proposing standards on going concerns and subsequent events.

For taxpayers that converted a traditional IRA to a Roth IRA in 2007, October 15 is the last chance they have for redemption, according to Mike Martin of Mike Martin and Associates.