Regulatory actions and programs

Private sector employment increased by 40,000 in December, according to figures released by payroll processor ADP.

The Internal Revenue Service and the Treasury Department have released final regulations and a revenue procedure requiring tax preparers to obtain consent before they can distribute taxpayer information to third parties, along with a proposal to restrict the marketing of refund anticipation loans and similar products.

James E. Koenig, the former CFO of disposal giant Waste Management, was ordered to pay over $4 million in penalties for committing 60 securities law violations over a five-year period.

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 Securities and Exchange Commission said the U.S. District Court for the District of Minnesota has entered final judgments against the former CFO and controller of Buca Inc., the corporate parent of the Buca di Beppo restaurant chain.

The American Institute of CPAs has issued guidance defining terms for describing the professional requirements of accountants who perform a compilation or review.

The Internal Revenue Service and the Treasury Department have implemented enhanced standards of conduct for tax preparers.

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.

The Securities and Exchange Commission has issued a final rule on accepting financial statements prepared by foreign companies in accordance with International Financial Reporting Standards without reconciling them with U.S. generally accepted accounting principles.

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

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

ATM and voting machine maker Diebold said that the Justice Department, in addition to the Securities and Exchange Commission’s Office of the Chief Accountant, has been investigating its accounting practices.

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.

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.