The number of public companies that disclosed material weaknesses or significant deficiencies in internal controls during the month of November soared to 119, nearly double the 63 reported in October, according to a report by corporate governance and compliance newsletter Compliance Week.

The Governmental Accounting Standards Board has published an exposure draft that establishes guidance for termination benefits to state and local government employers.

The majority of tax professionals who enter the financial planning business do so by hooking up with an independent broker/dealer firm, according to a report by market research and consulting firm Tiburon Strategic Advisors.

While he conceded that the current financial reporting system needs lots of improvement, Financial Accounting Standards Board chair Robert H. Herz urged members of the profession to make changes at a measured pace.

On the heels of the Securities and Exchange Commission's decision to temporarily postpone the filing date for smaller accelerated filers' management reports on internal controls, the commission's chief accountant hinted this week that foreign issuers could also get a reprieve on implementing the new rules.

The Institute of Management Accountants has named Severin Wilson to lead its international endeavors in the newly created post of assistant vice president of international development.

As the Teachers Insurance and Annuity Association of America and the College Retirement Equities Fund deals with the backlash over the conflict of interest that led to the resignation of two of its trustees, the controversy could cost Big Four firm Ernst & Young its gig as TIAA-CREF's auditor.

Compliance and accountability software provider Paisley Consulting, has sealed a deal with The Alliance for SOX 404 Compliance to provide SOX solutions to its member accounting firms.

Ernst & Young has reportedly confirmed that the Securities and Exchange Commission is investigating the firm over its role in designing and auditing financing vehicles allegedly used by PNC Financial Services Group to inflate profits.

To help fund President Bush's reform plan to add personal retirement accounts to the Social Security program, the White House admitted that it would probably use government borrowing to cover the oft-debated "transition financing" phase of a new program.

Five of the eight people charged in connection with an accounting fraud at discount retailer Kmart Corp. have settled the charges brought against them by the Securities and Exchange Commission.

A mid-level House aide reportedly said that he was the one who added the controversial provision in last month's spending bill that would have given staffers on the House and Senate Appropriations Committees access to Americans' tax returns.

Fewer than one-third of audit committees implement a majority of practices that lead to higher ratings of the financial audit process, according to a report by J.D. Power and Associates.

In the first court test of the constitutionality of the Sarbanes-Oxley Act, a federal judge sided with the government and rejected a challenge by fired HealthSouth chief executive Richard Scrushy that the act is unconstitutionally vague, according to published reports.

Filomeno & Company PC, an eight-partner CPA firm based here, has expanded its financial planning practice with the merger of fee-only planning firm Thibodeau Financial Advisors LLC into its fold.

Laura L. Cox, a high-level aide to Securities and Exchange Commission Chairman William Donaldson, is departing the regulator to join Big Four firm PricewaterhouseCoopers as partner-in-charge of professional and governmental activities.

A recent report identified two trends among companies that report material weaknesses -- skyrocketing audit fees and disappearing chief financial officers.

Thanks to some fast footwork by regulators at the Securities and Exchange Commission and the Public Company Accounting Oversight Board, accounting firms and many of their smaller audit clients gained an additional 45 days of breathing room to comply with complex new Sarbanes-Oxley Act internal control reporting rules.

The American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles, boats and planes after Dec. 31, 2004, the Internal Revenue Service warned.

Audit, tax and professional services provider Jefferson Wells, headquartered here, said that it has opened its initial office in Boston, bringing its total number of units to 37. The concern said that David Welch has been named managing partner of the Boston location. Welch's resume includes stints with Spencer Brook Partners and Big Four firm PricewaterhouseCoopers. Welch said that the newest branch would fuel the company's "significant expansion of our East Coast client base." In addition to Boston, Jefferson Wells' 2004 openings include London, Salt Lake City, Las Vegas, Portland, Ore., Grand Rapid, Mich., and San Francisco.