AccountingWeb ran the story last week regarding the allegations by the SEC on inappropriate independence issues with PricewaterhouseCoopers.
Now, the AICPA has issued a public statement in response to the findings by the SEC.
AICPA President Barry Melancon says that "The SEC has a right to expect the profession to adhere to the rules."
However, because the profession has changed since SEC and other regulatory body rules were written, the accounting profession also has the right to expect the SEC and others to perform their own self-inspections of the rultes to make sure they are adhering to a more modern profession, and are not out-of-date.
Melancon also said the AICPA's Professional Ethics Division will investigate all allegations by the SEC, and that any compromises will not be tolerated.