Andersen resigns from SECPS effective Aug. 31.

The verdict of guilt last month in the Arthur Andersen, LLP obstruction of justice trial was rapidly followed by the firm's decision to discontinue its audit practice on or about Aug. 31. The Executive Committee of the AICPA's SEC Practice Section accepted Andersen's resignation as an SECPS member firm effective Aug. 31, with certain immediate restrictions to be imposed.

The SECPS and Andersen have agreed that: (1) until Aug. 31 the executive committee will continue to monitor the quality controls employed in Andersen's public company audit practice; (2) Andersen will cooperate with the AICPA's Quality Control Inquiry Committee in its ongoing analysis of reported cases, including Enron; (3)...