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...

Upcoming CPE Webinars

Apr 17
In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.