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SEC

A&A

PCAOB addresses failure-to-supervise provision

The Public Company Accounting Oversight Board has issued its views regarding the provision of the Sarbanes-Oxley Act of 2002 that authorizes the PCAOB to impose sanctions on registered public accounting firms and their supervisory personnel for failing to reasonably supervise associated persons.
A&A

PCAOB adopts new auditing standards on risk assessment

The Public Company Accounting Oversight Board has adopted a suite of eight auditing standards related to the auditor's assessment of, and response to, risk in an audit.
A&A

Dell shareholders to consider SEC settlement

Dell Inc. appears to be closer to an agreement with the U.S. Securities and Exchange Commission, which has been investigating the computer maker and its founder over questionable arrangements with Intel.
A&A

Tax planning for IFRS adoption might be slowing

A sense of urgency once felt in tax departments to prepare for the potential implications of IFRS might have been replaced in recent months by uncertainty, as regulatory bodies issued statements seeming to indicate a slowing in the pace of movement toward adoption of IFRS.
A&A

SEC nails Goldman Sachs for subprime mortgage settlement

The SEC announced on Thursday that Goldman, Sachs & Co. will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse.
A&A

PCAOB proposes new auditing standard on confirmation

The Public Company Accounting Oversight Board this week approved for public comment a proposed audit standard on confirmation, which is designed to strengthen current requirements under the auditing standard.
Tax

Starr quality: Not what you want in a financial advisor

Being rich and famous does not necessarily make you smart. That could be why so many wealthy people trust the untrustworthy.
Tax

Disney employee finds out the hard way: Insider trading doesn’t pay

Disneyland may be the happiest place in the world, but one Disney employee and her boyfriend are not smiling.
Tax

More whistleblowers needed, organizational transgression appears to be growing

Whistleblowers are still a major source for uncovering fraud and wrongdoing within companies, but being a whistleblower is a difficult, arduous process with an uncertain conclusion.
Tax

Lehman update: SEC, FASB to review repo accounting rules

The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.
A&A

SEC opens broad inquiry into accounting for repurchase transactions

Chief financial officers from 24 financial institutions received a Dear CFO letter from the chief accountant of the SEC last week asking for detailed information about their accounting for repurchase agreements.
Community News

SEC's Office of the Chief Accountant selects accounting fellows

The Securities and Exchange Commission's Office of the Chief Accountant recently has selected eight professional accounting fellows for two-year terms beginning in 2010.
Community News

Crowe Horwath takes first place in Public Accounting Report's SEC audit rankings

Public Accounting Report named Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., the winner of its annual analysis of auditor changes for SEC entities.
A&A

Opinion: SEC IFRS support not all it's cracked up to be

The SEC has announced its support for a single set of high-quality, globally accepted accounting standards as well as for the ongoing convergence of GAAP and IFRS. What does this mean for U.S. accountants? Nothing.
A&A

The SEC approves Work Plan to assess U.S. adoption of global accounting standards

The SEC has approved a Work Plan that would aid the Commission as it evaluates the impact that the use of IFRS would have on the U.S. securities market.
A&A

SEC mulls further measures against naked short sales amid criticism from lawmakers

The SEC once again tackled naked short selling issues as a panel of experts at its “roundtable” on short selling looked at a possible requirement to pre-borrow shares before selling them short, a procedure also known as “hard-locate.”

SEC gives initial approval to measure on pay transparency

The SEC voted unanimously in favor of putting out a rule that would require all public companies to disclose more about executive compensation and corporate governance that might affect their risk management. "The turmoil in the markets during the past 18 months has demonstrated the importance of ensuring that activities that materially contribute to a company's risk profile are fully disclosed to investors," SEC chairman Mary Schapiro said in introducing the measures.

AICPA comments on SEC proposed IFRS roadmap

The American Institute of Certified Public Accountants has submitted its comments to the Securities and Exchange Commission's proposed Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Reporting Standards by U.S. Issuers.
Tax

Claiming a Warren Buffett connection couldn't save these investment bad guys

The Securities and Exchange Commission has obtained an emergency court order to halt an ongoing scheme by a Palmdale, CA company and two individuals who defrauded investors through a series of false claims including that Warren Buffett is associated with the company.The SEC alleges that International Realty Holdings, Inc. (IRH), Ottoniel Medrano, and Leticia Isabel Medrano raised hundreds of thousands of dollars from investors in several states since October 2008. Ottoniel Medrano is a prison guard at California City Correctional Center.
Tax

SEC freezes assets of Chicago-area investment advisor

The Securities and Exchange Commission has obtained an emergency court order freezing the assets of a Chicago-area investment adviser and two of its principals who are alleged to have misappropriated more than $4 million in client assets by transferring them to third parties, and incorrectly reported the net asset and other investment values to investors.The SEC charged The Nutmeg Group LLC, owner and managing member Randall Goulding, and chief compliance officer David Goulding for misappropriating client assets, making misrepresentations to their clients, failing to comply with Nutmeg's cu

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