Regulatory actions and programs

President Bush nominated Roel Campos and Annette Nazareth as members of the Securities and Exchange Commission, the White House said in a statement Friday.

The Public Company Accounting Oversight Board has scheduled a meeting for Tuesday and will vote on finalizing two rules proposed in December and March. One rule deals with auditor independence and tax shelters, while the second concerns weak internal controls.

Immediatech Corp., the developer of GoFileRoom, a Web-based document management service for CPA firms, has had its GoFileRoom business acquired by the Thomson Corp.

CPA2Biz has developed an Audit & Control Technology Store to provide valuable product guidance, reviews and discounted technology tools to CPAs and financial managers.

Senate lawmakers indicated they could hold confirmation hearings as early as next week for nominees to the Securities and Exchange Commission.

A California judge sanctioned accounting firm KPMG last week for hiding documents in a $50 million accounting malpractice suit brought by computer case and accessory supplier Targus Group International Inc.

The American Institute of CPAs has produced a toolkit for government audit committees, the third in a series.

Qwest Communications International Inc.'s former finance chief, Robin Szeliga, pleaded guilty to insider trading last week.

According to the Association of Government Accountants, federal accountability and reporting is trending upwards.

Bally Total Fitness Holding Corp. said Wednesday that its new auditor, KPMG, will need more time to review the company's financial statements for 2002-2004.

Corporate officers or authorized agents can now sign employment tax forms by facsimile, including alternative signature methods such as computer software programs or mechanical devices.

The Financial Accounting Standards Board published a draft of a proposed interpretation, "Accounting for Uncertain Tax Positions," yesterday. The draft seeks to reduce the diversity in practices associated with recognition and measurement in the accounting for income taxes.

Harley-Davidson announced that the Securities and Exchange Commission is investigating shareholder complaints that the motorcycle manufacturer engaged in channel stuffing.

California Rep. Christopher Cox, President Bush's nominee for chairman of the Securities and Exchange Commission, disclosed his stock, mutual fund and other assets on Tuesday, the value of which could range from $2.7 million to $5.9 million.

After nearly two years of deliberation, the Securities and Exchange Commission dismissed an administrative proceeding against two former partners of Arthur Andersen & Co. last week.

The executive stock option settlement initiative launched in February has received a strong turnout, according to the Internal Revenue Service. The initiative provided corporate executives and their companies a means to resolve an abusive tax transaction involving the transfer of stock options to family controlled partnerships.

Accounting firm Marcum & Kliegman LLP has launched a Risk Management & Corporate Advisory Services Group.

Buoyed by strong growth in its five business sectors, consulting giant Accenture Ltd. posted third quarter profits of $484 million, compared with $368 million in net income from the year-ago third quarter.

DreamWorks Animation SKG Inc., the studio behind "Shrek" and "Shark Tale," announced on Monday that the Securities and Exchange Commission has launched a probe into trading of its stock and the release of its first quarter results in May.

Krispy Kreme Doughnuts Inc. named Douglas R. Muir, a consultant to the company since December 2004, as the company's new chief accounting officer on Friday.