There seems to be a feeding frenzy with regard to Andersen as the business press zeroes in on the shredding of paper, the criminal indictment, high consulting fees, civil suits, and Andersen's break-up. Members of Congress are joining in and latching on to the need for regulatory reform. They are urging the prohibition of certain consulting services and a new oversight system for auditors of public companies. The AICPA leadership has been extremely active in providing input on the advisability of these proposed changes.
Beyond that, in a press briefing with the editors of Practical Accountant, Electronic Accountant, Accounting Today, and Accounting Technology, Barry Melancon, AICPA president and CEO, and James G. Castellano, AICPA chairperson, both indicated a concern for the "cascading effect." Basically, the regulatory reform of auditors of public companies could impact local and regional accounting firms who are not involved in the audit of public companies.
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