In the wake of the indictment of Arthur Andersen, the U.s. Securities and Exchange Commission has approved immediate regulatory actions to assure a continuing and orderly flow of information to investors and to minimize any potential disruptions.

The SEC has received assurances from Andersen that it will continue to audit financial statements in accordance with generally accepted auditing standards and applicable professional and standards. It has also pledged to inform the SEC immediately if it can no longer do audits.

Issuers whose audits are completed by Andersen after March 14 must obtain from Andersen certain representations concerning audit quality controls, including representations regarding the continuity of Andersen personnel working on the audit, the availability of national office consultation, and the availability of personnel at foreign affiliates of Andersen to conduct relevant portions of the audit.

As long as Andersen continues to provide those assurances, the SEC will continue to accept financial statements audited by Andersen. It will also accept unaudited statements from Andersen clients, giving issuers another 60 days to get their statements audited elsewhere.

“The relief is intended to minimize disruption to the U.S. capital markets and the affected issuers while those issuers complete certain pending or future filings, offerings and other activities,” it says.

SEC chairman Harvey Pitt issued a statement saying, “We have an obligation to protect investors, and, as we are announcing today, we have taken necessary actions to assure a continuing and orderly flow of information to investors and the U.S. capital markets. Any effects of the indictment are expected to be temporary.”