Audit

The New York State Society of Public Accountants, the oldest state accounting association, representing approximately 30,000 CPAs, has offered certain suggestions regarding pending legislation in Congress affecting estate planning-- specifically emphasizing the pressing need for certainty and ease of administration with respect to the transfer tax.

The widening options-timing scandal contributed mightily to a record-setting number of large U.S. corporations filing late financial reports for the second quarter, according to a study from market research firm Glass Lewis & Co.

The executive vice chair of operations for KPMG LLP will take on the additional position of regional chief operating officer for the Americas region of KPMG International.

The Public Company Accounting Oversight Board will host a Boston forum on auditing in the small business environment.

One of the aspects of the Internet that many I and many others love is its interactive nature. Using a news search engine's push technology, news summaries on accounting firms are sent to me daily.

OPENTV RETAINS GRANT THORNTON: OpenTV Corp., a San Francisco-based developer of software used by cable and satellite TV operators to offer their subscribers interactive content and services, named Grant Thornton as its new independent accountant. Grant replaces Big Four firm KPMG.In a federal filing, OpenTV said that there were no disagreements with KPMG during the fiscal years ended Dec. 31, 2004 and 2005, and through June 29, 2006, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

Members of the military serving in Iraq, Afghanistan and other combat zones can now put money into individual retirement accounts, even if they received tax-free combat pay, according to the Internal Revenue Service.

An old colleague of mine from Melbourne, Australia, sent me some information that his country's financial planners have just implemented new guidelines to help prevent conflicts of interest and to improve confidence in the financial planning sector.

The Securities and Exchange Commission announced that Diego Tomás Ruiz, a long-time business executive with Spanish-language media group Univision Communications Inc., will serve as its new executive director.

A number of prominent economists and finance experts have lent their names to a call to repeal a stock option-reform measure adopted last year by the Securities and Exchange Commission.

A court has said that two documents prepared by KPMG, analyzing the tax consequences of transactions by restaurant company Yum! Brands Inc., are protected from a summons issued by the Internal Revenue Service.

Depending on what report you read, and how the statistics get manipulated, the Internal Revenue Service gets a grade somewhere between tremendous and embarrassing for its work auditing the returns of wealthy taxpayers.

Erik R. Sirri, an economist with expertise in the structure of securities markets, has been named the new director of market regulation at the Securities and Exchange Commission.

The Securities and Exchange Commission announced plans to create its own Web tools to allow investors and analysts to manipulate interactive data to analyze mutual fund and corporate information.

A Japanese court has given suspended prison sentences to three former ChuoAoyama PricewaterhouseCoopers accountants over an accounting fraud at textile and cosmetics maker Kanebo Ltd.

Ernst & Young has launched two new podcasts, one focusing on international taxes, another focusing on measuring the success of business transactions.

Have you ever monitored the progress of a large municipal construction project and noted how many times the completion deadline is pushed back?

Yep, it's that time of the year again! CPA Wealth Provider is calling for nominations for its Fourth Annual Financial Planning Awards in any of the following categories: CPA/Financial Planning Firms, Broker/Dealers, and Financial Planning Software Vendors.

A trio of professional groups have joined forces to launch a research project to explore user perceptions of financial statement audits and auditor reports.

Nine of the 18 insurance firms that provide variable annuities through financial advisors affiliated with Raymond James Financial Inc. will begin offering new, less expensive investment products this week, meeting a deadline set by the financial services firm.