New York (March 29, 2002) -- In what has been termed a "return to its roots," Andersen leaders at a press conference here said the firm would forge ahead with the transition to an audit-only concern proposed by Oversight Board chairman Paul Volcker.

Audit partners C.E. Andrews and Larry Rieger have been tapped to lead the team that will rebuild the audit-centric Andersen, Volcker announced at a midtown press conference Friday morning. Volcker said one of the conditions he laid out in his plan -- that a critical mass of Andersen audit partners commit to the plan -- has been met. Negotiations are still underway for two other stipulations -- that the Department of Justice dismiss its criminal indictment against the firm and the settlement of all class action lawsuits and Securities and Exchange Commission actions, Volcker said.

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