Audit

Accounting Today's eagerly anticipated Top 100 Firms report ranks the largest U.S. Accounting firms by revenue, offering both a wealth of statistical data and insightful analysis of what makes the best firms tick, as well as their plans for the future. This annual ranking includes a breakout of the biggest tax firms, and takes an in-depth look at what strategies the Top 100 are using to recruit and retain qualified staff in the current environment.

The Center for Audit Quality has issued a report on a recent meeting of the Treasury Department's Advisory Committee on the Auditing Profession.

The Securities and Exchange Commission is offering investors a new interactive tool for comparing the costs, risks, investment strategies and past performance of mutual funds using Extensible Business Reporting Language.

The Treasury Department has released a report on The Changing Nature and Consequences of Public Company Financial Restatements as part of an effort to encourage U.S. capital markets competitiveness.

In the midst of what he termed the "mother of all crises," former Federal Reserve Chairman Paul Volcker maintained that the worsening economic climate sends a clarion call to repair and reform the U.S. financial system.

The Securities and Exchange Commission has filed securities fraud charges against five former San Diego officials who failed to adequately disclose problems with the city's municipal bonds in 2002 and 2003.

Many clients of CPA firms are Boomers who will be retiring in increasing numbers over the next decade. What does that mean? Obviously that means firms will be looking to continue to retain many of those retirees as clients,and it will also mean there will be a need to find a steady supply of new clients.

Financial Web site myStockOptions.com has opened an online Tax Center that explains issues related to equity compensation for tax year 2007.

The first waves of Baby Boomers have turned 62 this year and started claiming Social Security benefits. But, according to the National Association of Insurance Commissioners (NAIC), many are confused about their post-retirement health insurance options. As a result, the association has offered 10 tips that planners should consider with their clients:

Clifton Gunderson, the 14th largest accounting firm in the U.S., has named Krista McMasters as the firm's first female CEO.

A shortage of skilled labor is constraining the growth of private business, according to a report released by Grant Thornton.

Clifton Gunderson Appoints Female CEO

Charges were dismissed against former Arthur Andersen partner Daniel F. Stulac in a legal battle lasting three-and-a-half years over the defunct Big Five firm's audits of Peregrine Systems.

Accounting firm Clifton Gunderson said it has acquired the Arlington, Va., federal government practice of UHY LLP, effective April 1.

CCH has arranged with BNA Tax Accounting to put the BNA Accounting Policy Practice Series on CCH's Accounting Research Manager service.

The International Accounting Standards Committee Foundation's XBRL Team has released the near-final version of the IFRS Taxonomy 2008, translating International Financial Reporting Standards into Extensible Business Reporting Language.

Accounting firm Clifton Gunderson said it has achieved the highest marks possible in its first inspection by the Public Company Accounting Oversight Board.

BDO Consulting said it is forming a corporate advisory practice to provide strategic and financial consulting services to companies in distress.

CCH has introduced an online resource, FAS 157 Manager, designed to help accountants deal with the complexities of Financial Accounting Standard Statement No. 157 on fair value measurements.

On January 24, 2002, I gave a presentation, at the Large- and Medium-Sized Firms Practice Management Committee of the New York State Society of CPAs, entitled "Like the Energizer Bunny, the Enron Mess Keeps Going and Going." It seems I was right as Citigroup just settled a lawsuit in which it agreed to pay $1.66 billion to the Enron Bankruptcy Estate, which had filed bankruptcy and fraud claims against Citigroup in the United States Bankruptcy Court in New York.