Berardino said the oversight board, the equivalent for the partnership of an outside board of directors, will operate under a written agreement. "Arthur Andersen agrees to be bound by the determinations of the oversight board," he said, reading from the document.
Volcker said accounting firms' attitudes need to change.
"There are a lot of problems in this industry," he said.
"I don't think you can attack the problems by regulation and legislation alone."
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