Audit

The profits of companies with difficult-to-read annual reports are lower in following years, according to a study by a University of Michigan business professor.

The Big Four are looking to add to their staff numbers in China, according to a published report.

The Securities and Exchange Commission announced that securities lawyer Andrew N. Vollmer will serve as the agency's deputy general counsel.

KPMG LLP received federal court approval for a $153 million settlement with more than 200 wealthy investors who bought questionable tax shelters from the Big Four firm.

Ernst & Young has reportedly lost client data containing financial data from more than 240,000 Hotels.com customers.

The Public Company Accounting Oversight Board announced that it has scheduled a Standing Advisory Group meeting for June 12 and 13 in Washington.

After months of lobbying from businesses, it's beginning to appear that there's been some progress made in getting the Securities and Exchange Commission to reconsider parts of a proposal requiring companies to disclose the earnings of executives.

The Heroes Earned Retirement Opportunities Act has passed through Congress and is expected to be signed into law by President Bush. The bill would allow excluded combat pay to be treated as compensation under IRA contribution rules.

Senior corporate executives predict that merger and acquisition activity in 2006 will surpass last year's performance and remain strong across several industry sectors, according to a new survey from KPMG LLP.

More than 80 percent of financial planners who hold the CFP certification have a high level of career satisfaction, though the profession's 2005 reported median earnings of $232,995 revealed a noticeable drop-off from the previous year.

President Bush has nominated the chairman and chief executive of investment banking firm Goldman Sachs, Henry M. Paulson Jr., as Treasury Secretary.

Financial services provider Wilmington Trust Corp. announced that it has acquired the Cayman Islands unit of PricewaterhouseCoopers Corporate Services Ltd. The unit provides company administration and bookkeeping services on the islands.

I couldn't believe the number of American Idol votes. The voters couldn't have been just those in their teens and twenties. Perhaps it isn't a coincidence that the votes were being cast as I was flying back from attending the AICPA Spring Council meeting in Salt Lake City.

Public companies working on national defense or national security issues can now get an exemption from the reporting requirements governed by the Securities and Exchange Commission from the director of national intelligence.

Four months after offering new incentives for companies to furnish their financial information in computer-readable interactive data format, the Securities and Exchange Commission announced that another trio of firms has joined the fun.

On the heels of yet another in-depth report, this one delivered by the Office of Federal Housing Enterprise Oversight, the top executive at home mortgage behemoth Fannie Mae said that his is a changed company.

The Public Company Accounting Oversight Board will propose rules for annual and special reporting of information and events by accounting firms that are registered with the board.

President Bush has nominated Republican Kathleen Casey, currently serving as staff director for the Senate Banking Committee, to replace Cynthia Glassman at the Securities and Exchange Commission.

The former chief accountant of the Securities and Exchange Commission said that the accounting profession must stand strong in advocating for more transparent financial disclosure and serve as a model for the rest of the world

The Securities and Exchange Commission announced a series of actions to improve implementation of the Section 404 internal control requirements of the Sarbanes-Oxley Act.