Yes it does. Here's the concept. When the accuracy slider is reduced, the cpu is smart enough to know that a slower pass will be more accurate than a bullet. So as you lower the slider, the cpu compensates by throwing a softer pass (much like if you tapped the pass button yourself) to be more accurate. Therefore, as passes slow down, your defense has more time to react to them. Hence, more interceptions, deflections, and broken up passes. Generally default is fine, or slightly under (I am speaking of all madden level, I never have played anything else). But if you raise the slider, the cpu can throw more bullet passes on target. So the passes get there quicker, your defense has less time to react, hence more completions and less broken up passes.
TaDah!!!! There you have it....I figured this out last year on 2005. I noticed everytime I lowered the cpu accuracy, really what happened is the QB would throw softer passes. They were compensating.
Try it, put the slider at 0, play a few minutes, then put it at max, and see the difference in how the QB zips passes all over the field all of a sudden. You'll notice a drastic change in the velocity! So in reality, it becomes much a velocity slider as an accuracy slider.