Audit & Accounting

Nominations are open for CPA Wealth Provider's Second Annual Financial Planning Awards in the following three categories:

Telecommunications giant Qwest Communications International Inc. agreed to pay $250 million to settle fraud charges brought by the Securities and Exchange Commission.

The Certified Financial Planner Board of Standards has turned over the setting and promotion of financial planning standards abroad to a newly established nonprofit standards-setting body, so that it can focus its efforts on promoting and setting planning standards in the U.S.

Cynthia Cooper, the former WorldCom vice president of internal audit who exposed the $11 billion fraud at the telecommunications company, is among three CPAs who will be inducted this month into the 2004 American Institute of CPAs Business & Industry Hall of Fame.

The Securities and Exchange Commission sanctioned KPMG LLP, two former partners and a current partner and senior manager for improper professional conduct in connection with audit failures involving licensing and advertising revenue in the past audits of Gemstar-TV Guide International Inc.

The Securities and Exchange Commission stepped up to a formal probe its previous informal inquiry into accounting issues at mortgage giant Fannie Mae this week, the company disclosed in an SEC filing.

Social Security and Supplemental Security Income recipients will see a 2.7 percent bump in their benefits starting in 2005 under a cost of living adjustment announced Tuesday.

The Public Company Accounting Oversight Board will provide its full inspection reports to states that agree to honor Sarbanes-Oxley confidentiality provisions, the board's chairman told state regulators this week.

The Securities and Exchange Commission has named former Andersen partner Julie A. Erhardt to serve as deputy chief accountant.

Big Four firm PricewaterhouseCoopers named former Andersen and BearingPoint executive Edgardo Pappacena to global strategy leader Ñ a newly created post where he will be charged with facilitating the development and execution of business, political and regulatory strategies for the firm.Prior to coming aboard at PwC, Pappacena served as a managing director and global leader of the strategic transformation practice at consulting giant BearingPoint. He also spent 24 years at Arthur Andersen, most recently as global managing partner of the firm's business consulting group."Edgardo brings a unique combination of both global client service and operating skills to this new role, and we expect that he will enhance the firm's ability to navigate our rapidly changing environment and aggressively strengthen our competitive advantage and position in the market," said Samuel DiPiazza, global chief executive at PwC.