AICPA Will Monitor Remaining Andersen Audits | AccountingWEB

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.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.