The day that employees of Andersen never could imagine has arrived. On Saturday August 31, 2002, Andersen LLP, the U.S. firm, surrendered its license to practice in the United States.

Read AccountingWEB's two-part report:

Good-Bye Andersen: Venerable Giant Will Audit No More: "As of this day, Arthur Andersen LLP has voluntarily relinquished, or consented to revocation of, its firm permits in all states where it was licensed to practice public accountancy with state regulators," said the former Big Five accounting firm in a statement on Saturday. Read the full story.

Andersen Surrenders Its Licenses - Its Legacy Lives On: As Andersen officially surrendered its state licenses as of August 31, 2002, observers tried to sort through the trends that led to the demise of the firm's audit practice and helped shape its legacy to the accounting profession. The legacy is not all bad. Read the full story.