Regulatory actions and programs

Sanjay Kumar, the former chief executive of Computer Associates International Inc., was indicted on charges of securities fraud, conspiracy and obstruction of justice just as the company announced that it had reached agreements with the Department of Justice and the Securities and Exchange Commission in connection with an accounting scandal that caused it to restate $2.2 billion in revenue.

Troubled mortgage giant Fannie Mae said this week that a report on its accounting policies and practices uncovered serious issues that raised doubts about the validity of its previous financial results.

The California Board of Accountancy has sanctioned Ernst & Young over the firm's independence in its audit of former client PeopleSoft.

Securities and Exchange Commission chief accountant Donald T. Nicolaisen has asked KPMG LLP to correct a statement that he says the firm attributed to him in a letter it sent to clients.

The Securities and Exchange Commission is looking for qualified accounting professors to fill four available academic fellowships at its headquarters in Washington.

New York (Sept. 21, 2004) -- A trend among the nation's four largest accounting firms of dropping small audit clients reportedly has the Securities and Exchange Commission's chief accountant concerned.