News Wrap-Up - Issue 250

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THIS WEEK'S NEWS
  1. Computer Associates Investors Sue over Past Executive Pay
  2. Bill Would Require Some Tax Preparers to Register with IRS
  3. PCAOB Finds "Significant" Issues in Review of Big Four Audits
  4. Pension Funds Sue Shell Seeking Damages, Governance Changes
  5. SEC Chair Donaldson Subject of Probe by His Own Agency
  6. GAO Backs FASB's Action on Stock-Option Expensing Rules
  7. SEC Chief Accountant Open to Delaying Stock-Options Expensing
  8. IRS Warns about Improper Deductions for Land Donations
  9. Three Ex-Rite Aid Executives Begin Prison Terms for Scandal
  10. Effort to Disqualify KPMG as MCI's Auditor Unsuccessful
  11. New IRS Publications Focus on Car Donations
  12. Banc One Unit Agrees to Pay $50M to Settle SEC Charges
  13. Freddie Mac Spent a Whopping $376M Fixing Accounting Issues in 2003

Check out the News Page for this week's news and more.

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THIS WEEK'S NEWS
  1. Computer Associates Investors Sue over Past Executive Pay

An investment group that holds shares of Computer Associates International Inc. is seeking more than $1 billion that it claims was paid to executives under false pretenses.

  1. Bill Would Require Some Tax Preparers to Register with IRS

A bill that is winding its way through Congress would require certain tax preparers to register with the IRS by passing a qualifying exam and annual exams afterward.

  1. PCAOB Finds "Significant" Issues in Review of Big Four Audits

When it comes to the quality of work by Big Four accounting firms, "there's room for improvement," according to the chairman of the Public Company Accounting Oversight Board. Chairman William McDonough told lawmakers last week that limited reviews conducted last year of corporate audits found "significant" auditing and accounting issues.

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PolicySoft Accounting Department Templates

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  1. Pension Funds Sue Shell Seeking Damages, Governance Changes

Two pension funds filed suit last week against more than two dozen directors and officers of the Royal Dutch/Shell Group and their accounting and audit firms, PricewaterhouseCoopers International and KPMG International.

  1. SEC Chair Donaldson Subject of Probe by His Own Agency

The Securities and Exchange Commission (SEC) is looking into accounting irregularities at a technology company whose audit committee once included SEC Chairman William Donaldson. According to anonymous sources, the accounting problems at EasyLink Services Corp. of Piscataway, N.J., may involve questions of revenue recognition.

MORE HEADLINES...

  1. GAO Backs FASB's Action on Stock-Option Expensing Rules
  2. SEC Chief Accountant Open to Delaying Stock-Options Expensing
  3. IRS Warns about Improper Deductions for Land Donations
  4. Three Ex-Rite Aid Executives Begin Prison Terms for Scandal
  5. Effort to Disqualify KPMG as MCI's Auditor Unsuccessful
  6. New IRS Publications Focus on Car Donations
  7. Banc One Unit Agrees to Pay $50M to Settle SEC Charges
  8. Freddie Mac Spent a Whopping $376M Fixing Accounting Issues in 2003

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  3. Jury Awards $6.4M in Damages against Payroll Service Provider
  4. Many Companies Fail to Achieve Success with Pay-for-Performance Programs
  5. Study: Credit Report Errors Common, Damaging

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