News Wrap-Up - Issue 259

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THIS WEEK'S NEWS
  1. Investigators Tell of Ex-CEO's Looting of Hollinger Millions
  2. PCAOB Auditing Standard No. 3 Approved by SEC
  3. KPMG Tax Shelters Under Scrutiny Once Again
  4. AFC Enterprises Takes Former Auditor Arthur Andersen to Court
  5. Freddie Mac Ordered to Cease Withholding $60M in Ex-CEO's Pay
  6. SEC Proposes to Delay Accelerated Filing
  7. GAO Study: Tax Haven Companies Have Federal Contracting Edge
  8. IRS Announces Interest Rate Increase for Q4
  9. SEC Supports Extension of Statute of Limitations on Fraud Cases
  10. Judge Allows Tax Shelter Suit Against Law Firm to Proceed
  11. FASB, "Let Companies Decide How to Value Stock Options"

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THIS WEEK'S NEWS
  1. Investigators Tell of Ex-CEO's Looting of Hollinger Millions

Conrad Black, the former CEO of Hollinger International, boldly
and methodically abused his power to pocket millions of dollars that should have gone to the company, an internal investigation revealed.

  1. PCAOB Auditing Standard No. 3 Approved by SEC

The Public Company Accounting Oversight Board (PCAOB) announced that its Auditing Standard No. 3, Audit Documentation, has been approved by the U.S. Securities and Exchange Commission.

  1. KPMG Tax Shelters Under Scrutiny Once Again

A series of e-mails dating from the mid-1990s to 2003 show that even after KPMG was ordered by the IRS to stop pushing tax shelters considered abusive, the firm continued to promote at least a dozen new similar shelters.

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  1. AFC Enterprises Takes Former Auditor Arthur Andersen to Court

AFC Enterprises wants its former accounting firm, Arthur Andersen, to pay back the fees it received from the fast-food chain from 2000 to 2002 and to cover the cost of professional fees it took to get its books back in order. "We relied on Arthur Andersen to tell us if we had violated any generally accepted accounting procedures and standards, and they did not do that," said Neal Pope, whose law firm represents AFC.

  1. Freddie Mac Ordered to Cease Withholding $60M in Ex-CEO's Pay

The former chief executive of mortgage giant Freddie Mac will receive about $60 million in compensation that was withheld by the company on orders from its regulator.

MORE HEADLINES...

  1. SEC Proposes to Delay Accelerated Filing
  2. GAO Study: Tax Haven Companies Have Federal Contracting Edge
  3. IRS Announces Interest Rate Increase for Q4
  4. SEC Supports Extension of Statute of Limitations on Fraud Cases
  5. Judge Allows Tax Shelter Suit Against Law Firm to Proceed
  6. FASB, "Let Companies Decide How to Value Stock Options"

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  1. Board Releases Report on Inspections of Big Four Firms
  2. Addiction Drives Florida CPA to "Moral and Ethical Bankruptcy"
  3. CA Shareholders Defeat Plan to Recall Bonuses; Vote to Keep KPMG
  4. PCAOB Simplifies Whistleblowing, Opens Hot Line
  5. AICPA Launches Privacy Services Resources for CPAs

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