PracticeAuditAndersen admits end of audit practice

Andersen admits end of audit practice

Andersen has acknowledged the jury verdict in its criminal trial in Houston, will end the firm's audit practice.

A staement by the firm, said: ‘Unless the jury verdict is set aside by the trial judge, a judgment of conviction could be entered as early as August 31, 2002, depending on the amount of time needed for the Government and Andersen to brief and argue post-trial motions.

‘If entered, the conviction would be grounds for automatic suspension of Andersen’s ability to practice before the Securities and Exchange Commission.’

Between now and August 31, Andersen said it would work actively to help transition its remaining clients to other accounting firms.

By 31 August, the firm expects to cease practicing before the Commission and expects to begin immediately an orderly process for dealing with state regulators leading to surrender of the firm’s licenses.

In the meantime, Andersen expects to complete all of its outstanding engagements to provide attest services to its clients.

In a separate statement issued, the SEC said that it would permit Andersen to continue to practice before the SEC, including signing opinions for SEC Registrants until 31 August 2002.

Related Articles

Is predictive analytics the end of the annual audit?

Audit Is predictive analytics the end of the annual audit?

5d Martin Herron, MHA MacIntyre Hudson
Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

Audit Auditors ‘in the dock’ over Carillion as report calls for Big Four break-up

1w Emma Smith, Managing Editor
PCAOB sanctions former Deloitte Turkey CEOs over altered documents

Audit PCAOB sanctions former Deloitte Turkey CEOs over altered documents

2w Alia Shoaib, Reporter
KPMG South Africa to review past audit work amid fresh scandal

Audit KPMG South Africa to review past audit work amid fresh scandal

1m Alia Shoaib, Reporter
FRC introduces £10m sanctions for Big Four firms

Audit FRC introduces £10m sanctions for Big Four firms

2m Alia Shoaib, Reporter
Ukraine’s PrivatBank files $3bn claim against PwC

Audit Ukraine’s PrivatBank files $3bn claim against PwC

2m Alia Shoaib, Reporter
Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

Audit Grant Thornton to exit FTSE 350 audit market, citing Big Four dominance

2m Alia Shoaib, Reporter
Big Four dominate FTSE 250 audit market in Q1 rankings

Audit Big Four dominate FTSE 250 audit market in Q1 rankings

3m Alia Shoaib, Reporter