Accounting News

Wednesday, June 13, 2007
SEC Scales Down SOX Audit Requirements

The Securities and Exchange Commission (SEC) unanimously approved new guidance to help public companies strengthen their internal control and reducing unnecessary costs. The new guidelines focus on smaller companies. This are an update to Section 404 of the Sarbanes-Oxley Act of 2002. Companies subject to the 404 auditing requirements have complained that that the Section 404 auditing requirements were onerous and expensive.

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Accounting News

Tuesday, June 12, 2007
Jackson Hewitt Investigation Expands

The investigation into the tax preparation practices at Jackson Hewitt offices has expanded according to authorities. The investigation is focused on franchises preparing fraudulent income-tax returns for their customers to obtain refunds.

The Justice Department filed civil lawsuits in April accusing more than 125 Jackson Hewitt franchises of knowingly enabling tens of thousands of people to obtain $70 million by falsifying their federal tax returns. The company has disclosed that it is now the object of the investigation into the oversight of their franchises.