A Maryland CPA who claimed to have audited four years worth of financial statements in less than 40 hours faces disciplinary action from the SEC. The SEC says CPA Eugene M. Egeberg of Hampstead, Md., had no audit training and used a checklist from the American Institute of CPAs as his guide in auditing statements of 20 public companies. Egeberg voluntarily withdrew his registration with the Public Company Accounting Oversight Board in November 2012.

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A Virginia accountant, who gave an unqualified opinion about the financial statements of a bank that later collapsed, has been suspended from practice before the SEC. The agency found that CPA James Vincent Poti failed to follow up warnings from an internal auditor about a lack of financial controls – along with his own doubts - or test whether the bank had established a large enough allowance for risky loans.

CPAs are looking for new choices in accounting packages, according to Paychex CEO Martin Mucci. Mucci made the statement this week during the payroll services company's earnings webcast. He gave the explanation during a discussion about Paychex's recent launch of an online accounting application.