Congressional investigators have uncovered a new breed of tax chiselers - deadbeat charities that shortchange the government and their own employees by failing to pay millions of dollars in payroll taxes.As tax-exempt organizations, or EOs, charities are excused from income tax liability, but are required to withhold and pay employment taxes for their workers. With one in 12 U.S. civilian workers now employed by exempt organizations, even a small percentage of non-compliance by charities can add up to a significant drain for federal tax collectors.

The Securities and Exchange Commission announced that securities lawyer Andrew N. Vollmer will serve as its deputy general counsel.Vollmer, 52, is a partner in the international law firm of Wilmer Cutler Pickering Hale and Dorr LLP, and has represented corporate clients in SEC investigations and proceedings. He currently serves as vice chair of the firm's Securities Department, and previously served as one of two partners managing the London office.

The Financial Accounting Standards Board and the International Accounting Standards Board have published the first draft chapters of a document laying out their views for an enhanced conceptual framework.

Yale University officials said that they have received three subpoenas as federal regulators have launched a probe into the Ivy League school's accounting practices surrounding its government research grants.According to published reports, Yale received the subpoenas from the Department of Health and Human Services, the Department of Defense and the National Science Foundation. The subpoenas cover some 47 grants valued at roughly $45 million.

James Lockhart, director of the Office of Federal Housing Enterprise Oversight, said that mortgage finance concerns Fannie Mae and Freddie Mac should each be allowed to prop up the U.S. home mortgage market in periods of financial malaise.In an interview with The Wall Street Journal, Lockhart said the companies, whose combined mortgage portfolio is roughly $1.4 trillion, creates a serious risk if they fail to control their interest-rate risks, but nevertheless both have a role for their portfolios, albeit on a smaller scale, to ensure monies available for home loans.

The Securities and Exchange Commission is looking into the relationship between the former First Union Corp. and KPMG, according to published reports.

Lori Schock, the deputy director of the Securities and Exchange Commission's Office of Investor Education, has been named the division's acting director.

The Board of the International Federation of Accountants has approved the reappointment of John Kellas as chairman of the International Auditing and Assurance Standards Board.

Just over a year after his acquittal on charges of overseeing a $2.7 billion accounting fraud as the head of health care company HealthSouth Corp., Richard Scrushy was found guilty on charges of bribery, conspiracy and mail fraud.

The Securities and Exchange Commission has won the court battle over the first billion-dollar financial fraud it ever tackled, a case filed against the former chief financial officer of Waste Management Inc. back in March 2002.

Defense contractor Raytheon Co. and two of its former top executives have settled improper accounting charges brought by the Securities and Exchange Commission.

Securities giant Morgan Stanley will pay a $10 million fine to the Se curities and Exchange Commission after failing to maintain safeguards to prevent the misuse of inside information.

The Siegfried Group and AccountAbilities bear watching. They are two examples of what I expect to be a growing trend--entities entering into arrangements to provide staff to CPA firms on a retainer type of basis. The idea is that if a firm doesn't have enough internal staff for an engagement, the entity will provide the necessary seasoned staff and expertise.

A federal appeals court has dealt a serious blow to the Securities and Exchange Commission's plans to more closely regulate hedge funds.

The Financial Accounting Standards Board will hold two public roundtable meetings today to discuss the board's proposal to improve accounting for postretirement benefit plans, including pensions.

Just hours after losing his heavyweight crown to crafty Gene Tunney, Jack Dempsey came home to find his wife waiting for him at the door.

Looking for some certainty in an often-uncertain field, public companies are increasingly disclosing auditor agreements that place a monetary cap on any liabilities that may arise from accounting problems.

Chief audit executives face a number of challenges in attempting to comply with regulatory statutes, according to a survey conducted by data analysis firm ACL Services Ltd. in cooperation with the Institute of Internal Auditors.

A California state Senate committee canceled a hearing on a bill to allow out-of-state accountants to provide tax services in the state without first notifying the state's Board of Accountancy.

Federal Reserve Board Governor Mark W. Olson has been appointed the new chairman of the five-member Public Company Accounting Oversight Board for a term running until 2010.