Federal regulators issued a blistering report about mortgage giant Fannie Mae on Tuesday, alleging accounting manipulation aimed at lining executives' pockets and lying to investors about smooth growth in profits and earnings. The government-sponsored mortgage company was fined $400 million and agreed to limit its growth.

The Chairman of the Dubai Chamber of Commerce and Industry (DCCI), His Excellency Mr. Obaid Humaid Al Tayer, will inaugurate the World Accounting Summit in Dubai on Sunday, May 28.

May 25, 2006 (SmartPros) What does the future hold for the accounting profession?

North Dakota regulators have ordered changes in Otter Tail Power Co.'s accounting practices, although they don't believe the utility's procedures resulted in higher electric bills for customers.

Federal regulators issued a blistering report about mortgage giant Fannie Mae on Tuesday, alleging accounting manipulation aimed at lining executives' pockets and lying to investors about smooth growth in profits and earnings.

U.S. accounting firms are outsourcing a growing amount of tax compliance and bookkeeping work to India, where labor costs are low.

Atlanta-based accounting services firm Callaway Partners LLC has opened its fourth office, in Detroit, to capitalize on dramatic changes in the automotive and related industries.

The Wichita accounting firm Kennedy and Coe LLC, the largest CPA and consulting firm headquartered in Kansas, has announced a restructuring plan, closing five of its 16 Kansas and Colorado offices to refocus on its agriculture business and other core industry service.

In 1998, Vicki Wilson-McElreath, a Charlotte-based partner with accounting firm PricewaterhouseCoopers, was asked by the company's Birmingham, Ala., office to help with a financial-services client. There, she met the office's managing partner, Ronald Cofield. She says he was a confident guy with a loyal clientele and respect in the marketplace and the community. "I knew him by reputation as a guy who was going somewhere," Wilson-McElreath says.

DETROIT, May 17 (Reuters) ? In response to a series of accounting errors, General Motors said on Wednesday that it would overhaul its corporate controller's office and hire a financial advisory firm.

General Motors Corp., under federal scrutiny for its accounting practices, said two top financial officers would leave the world's biggest automaker.

Chief GM accountant resigns, controller to retire amid poor perception of companies accounting practice.

General Motors Corp., the subject of several federal investigations because of recent accounting errors, said Wednesday it has hired outside financial advisers to help restructure its corporate controller's office.

General Motors, looking to retool its financial controls following a spate of accounting problems, announced yesterday the departure of two senior accounting executives and the hiring of an outside financial advisory firm.