Giovanni P. Prezioso replaces David M. Becker as the SEC’s general counsel. Coming from the Washington office of international law firm Cleary, Gottlieb, Steen & Hamilton, Prezioso has extensive experience in securities-related legal matters. Becker resigned to return to private practice after serving as the commission’s chief legal officer since 1999. ( www.sec.gov/news/press/2002-51.txt )
The International Federation of Accountants names the 18 members of its new International Auditing and Assurance Standards Board, which replaces the International Auditing Practices Committee. The board includes three Americans—John L. Archambault, Richard Dieter and Edmund R. Noonan. ( www.ifac.org/News/LastestReleases.tmpl?NID=101681188625070 )
The Treasury and the Office of Management and Budget release the fiscal year 2001 Financial Report of the U.S. Government. The GAO was unable to express an opinion on the reliability of this year’s statements, primarily because of financial management deficiencies at the Department of Defense and the impossibility of tracking transactions between government entities. To improve the accuracy and timeliness of federal financial reports, the White House proposes accelerating delivery of audited statements, requiring quarterly and comparative reporting and integrating government entities’ performance and financial information. ( http://fms.treas.gov/cfs/01frusg/01frusg.pdf )
The 16th World Congress of Accountants will take place in the Hong Kong Convention and Exhibition Centre November 18–21, 2002 ( www.wcoa2002.com ). The Hong Kong Society of Accountants and the International Federation of Accountants are jointly organizing the gathering, which they expect will attract accounting and business leaders from around the world.