AICPA Will Monitor Remaining Andersen Audits
The SECPS has agreed to "ensure that ongoing public company audits conducted by Andersen are performed in accordance with professional standards."
Andersen has agreed to cooperate with the AICPA's Quality Control Inquiry Committee in its ongoing analysis of reported cases. Andersen will also cooperate with the AICPA's Professional Ethics Division as it investigates Andersen partners and employees who may have violated the professional conduct code.
Effective immediately, Andersen partners will resign posts on SECPS committees, and Andersen has agreed to not become principal auditor of any new publicly-held clients.