Audit

Parente Randolph has merged with Boyle, Brogan, Shusman & Nicastro, expanding Parente's office space and clientele in South Jersey.

Banking giant HSBC USA has said it would sell its Wealth and Tax Advisory Services USA business to some of its managing directors for up to $65.9 million as part of a management buyout.

The Government Accountability Office has issued a guidance document to help auditors comply with the new requirements of the July 2007 revision of government auditing standards.

This free, new webinar details how practitioners are implementing the new audit standards that change how non-public company, not-for-profit and governmental audits are performed.

The International Auditing and Assurance Standards Board has proposed two new standards focusing on enhancing auditors’ consideration of controls at service organizations, along with a third standard that addresses the communication of deficiencies in internal control to those charged with governance.

Deloitte & Touche has agreed to contribute $38.25 million to settle claims in a securities class-action lawsuit against bankrupt auto parts maker Delphi.

Snodgrass, Dunlap and Co. plans to merge its office in Iola, Kan., with Jarred, Gilmore & Philips, an accounting firm based in Chanute, Kan., on the first of the year.

This free, new webinar details how practitioners are implementing the new audit standards that change how non-public company, not-for-profit and governmental audits are performed.

The Internal Revenue Service and the Treasury Department have proposed two sets of regulations relating to pension plans.

In the event you just came in from Mars, you will note that we are getting ready to launch into the year 2008. This is generally the time of year when everybody and his dog begin to hit us over the head with all kinds of financial advice. It’s also the time of year which is usually referred to as “housekeeping time.” That’s where you take an annual review of your total financial picture. Not everybody does this, which is kind of unfortunate. Most people don’t seem to realize that during the last year, things have changed such as personal goals, financial plan, even life circumstances. According to Stoker Ostler Wealth Advisors (formerly Private Wealth Management), a fee-only wealth management firm based in Scottsdale, Arizona, this is the time to revisit key areas and see if changes need to be made that will better serve your needs. Cody Amis, senior financial planner at the firm, says “Just like getting an annual physical, doing maintenance on your house or having your car tuned up, you want to take a look at your total financial picture at least once a year. Accounting for life changing events can help steer you on the path to your dream of a secure future.” Amis is a firm believer that organizing financials annually will set the right tone for financial success. “It’s a myth that this is only for people who are older or wealthy,” he adds. “I can’t emphasize enough how important this process is for young families, single mothers, retirees, and anyone who owns a house or property.” He offers five tips to help people get organized: 1) Create a Statement of Net Worth. This, he says, serves as a snapshot of all of your individual assets and liabilities. 2) Review your Estate Plan. Amis advises that it is important to have a will, Revocable Living Trust, Durable Powers of Attorney, and Health Care Powers of Attorney. 3) Risk Management. He notes that it is also important to identify any significant changes to your family or your assets that may warrant an adjustment to your insurance policies. In other words, the advice is to make sure that your property, liability, and health insurance policies offer coverage consistent with your needs. 4) Review Your Retirement Plan. Amis says that the new year is an ideal time to maximize your retirement plan contributions or revisit the plan’s investment allocation. 5) Don’t Procrastinate. Make a commitment to have your financials in order by the end of January so that you can get the most out of 2008. In short, the sooner you get organized, the better. And a Healthy and Happy New Year to you and yours. See you in ’08.

Five jobs in the accounting and finance field are expected to be especially well positioned for salary increases next year.

The Government Accountability Office has released a report on the possibility of using accrual budgeting instead of cash budgeting to bring more attention to the nation's long-term fiscal challenges.

The Securities and Exchange Commission introduced an online tool that allows investors to compare executive pay at 500 of the largest American companies.

Sunrise Senior Living fired three top executives after the company completed its accounting investigation.

The Securities and Exchange Commission's Office of the Chief Accountant and Division of Corporation Finance have released a staff accounting bulletin intended to help public companies value stock option grants to employees on their income statements.

Hey, all you single, married, and divorced women out there. Guess who the model investor is? Nope. Guess again! It’s not any of you. Can you believe that widows make model investors? How’s that again? Well, based upon a recent national survey from OppenheimerFunds, it was found that widowed women had more confidence when it came to managing their money with some 65 percent of the respondents giving themselves a rating of 8 or better on a scale of 100 when asked how good of a job they were doing. You can compare this number with 40 percent of married and co-habitants, and 52 percent of divorced respondents. Lauren Coulston, Assistant Vice President, Advocacy and Training Manager at OppenheimerFunds, says “It makes sense that women who are responsible for their own finances through a major life event such as widowhood or divorce have more confidence in their money management skills.” She notes that one possible reason for this confidence is that more widows work with financial advisors. In other words, widowed women are often forced to deal with their own finances. Seems to make a lot of sense in that widowed women appear to do more financial planning and on a more methodical basis. Incidentally, according to the survey, widowed respondents were also more likely to list retirement as their primary investment goal followed by divorced, married/co-habitants, and single women. Moreover, they are least likely to cite a lack of money as the reason they are not participating in a retirement savings vehicle or plan. I was especially interested in who widows relied on for investing advice. You got it! The financial advisor. “The fact is, eighty to ninety percent of women will be solely responsible for managing their own finances at some point of their life due to longer life expectancies and higher divorce rates,” adds Coulston. “Regardless of marital status, financial advisors should bring women into financial conversations as early as possible.” I couldn’t agree more. By the way, consider too the fact that more than 60 percent of the women surveyed here had over $5,000 in household debt and more than 30 percent maintained over $20,000 of debt. Number one source of debt? The credit card, of course. And to put a topper on all this, consider this salient fact. Widowed respondents were the least likely to carry any debt. Bottom line? You don’t have to be in a widowed state to work with a financial advisor. All marital demographics could benefit. And the earlier you get started, obviously, the better off you will be.

The Center for Audit Quality has advice for smaller public companies that will soon have to implement Section 404(a) of the Sarbanes-Oxley Act.

Eighty-seven percent of multinational enterprises believe that transfer pricing is a risk when they manage their financial statements because of higher compliance requirements, according to a newly released survey.

Accounting Today is in the midst of compiling its annual list of the Top 100 Firms.

A majority of companies do not have a formal, documented tax risk management strategy in place, according to a newly released survey.