News Wrap-Up - Issue 247

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THIS WEEK'S NEWS
  1. Judge Seals Public Document in MCI/KPMG Tax Shelter Matter
  2. SEC Starts Informal Inquiry into E&Y Consultant Pay
  3. PCAOB Adopts Rules for Foreign Audit Firms
  4. Accenture Contract Threatened by Congressional Action
  5. KPMG’s Chicago Office to Grow by 10 Percent
  6. Former Home Depot Contractor Files Whistleblower Suit
  7. Tax Law Changes Drive Higher Error Rate on 1099s
  8. Ex-WorldCom CFO Pleads Guilty to Conspiracy; Sentencing Delayed
  9. Tyco Faces Follow-On Suit over Settlement
  10. Proxy Plan Puts SEC Chairman Donaldson in the Hot Seat
  11. Ex-CEO of Long Island Tech Company Declared Fugitive
  12. IRS and State Partnership Moves Forward to Improve Compliance
  13. GASB Issues Statement No. 44: Economic Condition Reporting

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THIS WEEK'S NEWS
  1. Judge Seals Public Document in MCI/KPMG Tax Shelter Matter

One of MCI’s outside law firms mistakenly disclosed that the SEC is looking into MCI’s retention of KPMG LLP as its independent auditor. MCI and KPMG are fending off requests from a number of states that are questioning KPMG’s independence in remaining MCI’s auditor.

  1. SEC Starts Informal Inquiry into E&Y Consultant Pay

The Securities and Exchange Commission is looking into whether Ernst & Young’s independence was impaired when it paid a consultant that served on the boards of three companies it audited.

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  1. PCAOB Adopts Rules for Foreign Audit Firms

On Wednesday, the Board voted unanimously at its open meeting to adopt its third auditing standard along with rules related to the oversight of non-U.S. firms and certain terminology.

  1. Accenture Contract Threatened by Congressional Action

Congress is taking aim at the practice of companies incorporating offshore to avoid paying U.S. taxes, with a multi-billion dollar Homeland Security contract threatened by a provision attached to the department’s budget.

  1. KPMG’s Chicago Office to Grow by 10 Percent

KPMG LLP’s Chicago office is looking to add about 110 employees to its practice between now and January, which bodes well for new accounting graduates hitting the job market.

MORE HEADLINES...

  1. Former Home Depot Contractor Files Whistleblower Suit
  2. Tax Law Changes Drive Higher Error Rate on 1099s
  3. Ex-WorldCom CFO Pleads Guilty to Conspiracy; Sentencing Delayed
  4. Tyco Faces Follow-On Suit over Settlement
  5. Proxy Plan Puts SEC Chairman Donaldson in the Hot Seat
  6. Ex-CEO of Long Island Tech Company Declared Fugitive
  7. IRS and State Partnership Moves Forward to Improve Compliance
  8. GASB Issues Statement No. 44: Economic Condition Reporting

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