AICPA Will Monitor Remaining Andersen Audits

In light of Andersen's obstruction of justice conviction last week, the American Institute of Certified Public Accountants (AICPA) has accepted Andersen's resignation from the organization's Securities and Exchange Commission practice section (SECPS) effective August 31. In addition, the AICPA will closely monitor all remaining audits of public companies through August 31. At that time Andersen will cease performing audits of publicly-held companies.

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.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Already a member? log in here.

Upcoming CPE Webinars

Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.
Nov 12This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Nov 18In this session Excel expert David Ringstrom, CPA tackles what to do when bad things happen to good spreadsheets.