NEW YORK (CNN/Money) - Federal Reserve Chairman Paul Volcker is set to hold a press conference in New York Friday to detail reform plans to try to save embattled accounting firm Arthur Andersen LLP.

Volcker's 10 a.m. ET press conference follows the announcement Thursday by the Andersen board that the firm will aggressively adopt Volcker's recommendations for changes at the firm. Volcker was named chairman of an Independent Oversight Board to recommend changes at the firm last month.

"We intend to do so with speed and in a manner that assures continuity of services to all our clients and opportunities for employees, while at the same time building an audit practice based on the recommendations to improve audit quality and restore public confidence," Andersen Managing Partner Larry Gorrell said.

Andersen did not address whether Volcker would take control of the accounting firm. Andersen CEO Joseph Berardino announced his resignation from the firm Tuesday night on Lou Dobbs Moneyline. An Andersen spokesman declined further comment.

Paul Volcker will hold a press conference on his plans for Andersen Friday.

Volcker called last week for a seven-person board to take control of the embattled accounting firm. Volcker said he would head the new board at Andersen. The former Fed chairman has previously recommended that Andersen split up its auditing and consulting unit.

Volcker has also proposed that the Department of Justice consider softening its stance against Andersen. The former Fed chairman has also recommended changing Andersen's operating leadership and realigning senior management.

Andersen on Thursday said it will address the non-audit portions -- tax, business consulting and corporate finance practices -- that are not consistent with its plan. However, the firm did not say what its plans were for the units, which could be sold, spun off or merged into another firm.

Press reports have recently said Andersen is holding discussions with several firms, including Deloitte & Touche (the U.S. member firm of Deloitte Tohmatsu) and KPMG to sell U.S. operations that aren't connected to Enron.

The threat of job cuts continues to loom and the firm is expected to lay off a significant number of people. Andersen, on Wednesday, said it is inevitable that some reductions will be made in the coming months. But no decision has been made, the firm said Wednesday.

Andersen's 1,700 U.S. partners gathered Thursday in the first of two teleconferences. From 10 a.m. to 3 p.m. ET Thursday the partners hashed out the firm's future options. Another conference is scheduled on Tuesday, press reports said.

CNN/Money reported Wednesday that Andersen will cede control of the accounting firm to an outside board and follow through on the Volcker reforms.

News of the Volcker reforms comes as the board of Andersen Worldwide SC will meet next Tuesday to consider the successor to Berardino.

The 18 partners that make up Andersen Worldwide's board will come together at a regularly scheduled meeting in London next week and discuss the interim CEO, Andersen spokesman Charlie Leonard said.

Berardino's successor will be the executive put in charge of Andersen's pending combination with KPMG International. The merger, which is still in negotiations, will combine the non-U.S. Andersen firms with KPMG's.

Berardino, as CEO of the Andersen Worldwide board, will vote on his successor, as will Aldo Cardoso, chairman of the Worldwide board. Press reports said Thursday that Cardoso had emerged as the top candidate to replace Berardino.

"There is no front-runner right now," Leonard said.

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Andersen Worldwide is the umbrella organization that controls the Andersen partnerships across the world. Arthur Andersen LLP is the U.S. member firm.

It is unknown if the Worldwide partners, who began discussions this week, will pick the successor on Tuesday. Berardino will remain in charge until the successor is picked and then retire.

"He was in the office at 7 a.m. this morning," Leonard said.

The changes come as the U.S. accounting firm continues to fight off a federal indictment. On March 14, the Department of Justice indicted Andersen for allegedly obstructing justice when it shredded Enron documents. Since then, Andersen, once the most powerful accounting firm in the world, has lost several audit clients, including Sara Lee Corp., Northeast Utilities and Abbott Laboratories.

--CNNfn producer Brett Gering contributed to this report