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Reports on the plans of Kelly Capital to acquire a public firm in San Diego, California. Engagement of Kelly Capital CEO Michael Kelly in exclusive negotiations that will hopefully lead to an agreement on the price; Hope of the company to increase its revenues; Effect of the increased costs from detailed reporting of internal control systems required by Sarbanes-Oxley accounting reform law on small companies.

The article discusses the need of the New Century Financial Corp. in Irvine, California to restate its earnings. It is reported the company has been hit with not less than 13 suits since its earnings for the first three quarters should have been adjusted caused by wrongful application of the Statement of Financial Accounting Standards 140 concerning loans it had to repurchase. Names involved in the suits and the firms filed the suits are also provided.

This article reports on the commendation given by chief information officers to the Sarbanes-Oxley Act, during the Frontlines Forum governance conference held in San Francisco, California in 2005. Frontlines conference chairman Roderick Hills cited a survey conducted by one of the Big Four accounting firms in which 74 percent of companies found value in complying with the legislation. However, chief information officers added that the efficiencies of complying with the legislation would take a few years of efforts.

This article presents information on various developments related to public companies in San Diego, California. Websense Inc., the San Diego-based provider of Internet filtering software for businesses, announced Chief Executive Officer John Carrington will be stepping down, as the search for a new CEO has begun. Cymer Inc., the Rancho Bernardo-based maker of laser equipment used in the manufacturing of semiconductors, enjoyed a better-than-projected fourth quarter, beating its projected sales and margins. Encore Capital Group Inc., a San Diego-based buyer of defaulted credit card debt, said last month that it may be unable to meet a deadline regarding compliance with Section 404 of the Sarbanes-Oxley Act, the federal accounting reform law passed in 2002 covering publicly reporting companies.

Reports on the plans to implement the guidelines set down by the Sarbanes-Oxley Act of 2002 in San Diego, California. Creation of the Act to monitor corporate accounting practices after massive financial scandals toppled Enron Corp. and other public companies; Pension deficit of the city; Claim that the city would set the bar for fiscal governance among public agencies.

Focuses on a law which allows accounting firms to receive commissions for selling insurance and managing investments in California. Additional services offered by accounting companies; Merger activities in the accounting industry; Comment by Bob Lofgren, partner with Lavine, Lofgren, Morris & Engelberg.

The article reports on how California voters turned down proposition 211, or The Retirement Savings and Consumer Protection Act. The proposition had threatened to nullify the reforms achieved by the passage of the Private Securities Litigation Reform Act of 1995 and would have had far reaching effects on all U.S. publicly traded companies and their certified public accountants. Proposition 211 would have allowed plaintiffs' lawyers to put together class-action claims similar to Securities and Exchange Commission 10b-5 class actions with no statute of limitations and no limits on lawyer's fees.

Reports on three bills signed by California Governor Gray Davis designed to tighten the accounting regulatory framework. Complement to the federal legislation 'Sarbanes-Oxley Act of 2002.'

Highlights legislation that impact accountants practicing in California. First state legislation to follow the U.S. 'Sarbanes-Oxley Act of 2002'; Provisions.

Reports on the passage of the law that rebalances and updates requirements for aspiring certified public accountants (CPA) in California. Modifications in the educational experience requirements for CPA candidates under the law; Tracks provided to candidates who register to take the CPA examination.

Reports on the California Supreme Court's decision on two major California tax matters of importance to accounting practitioners. Rejection of challenges to the 1978 Proposition 13 initiative; Review of decision on unitary combination of foreign parents.

Reports on the passing in California of a law which allows accountants to establish their firms as limited liability partnerships (LLP). Strong support given to the said law from the state's accounting and legal professions; Likelihood for many small as well as large accounting firms to form as LLPs; Need for an accounting practice to satisfy one of three insurance requirements in order to become an LLP.