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Arthur Andersen
built 658 days ago
Arthur Andersen’s vision is to be the partner for success in the new economy. The firm helps clients find new ways to create, manage and measure value in the rapidly changing global economy. With world-class skills in assurance, tax, consulting and corporate finance, Arthur Andersen has more than 77,000 people in more than 80 countries who are united by a single worldwide operating structure that fosters inventiveness, knowledge sharing and a focus on client success. Since its beginning in 1913, Arthur Andersen has realized 87 years of uninterrupted growth, with 2000 revenues of USD$8.4 billion. Learn more at www.arthurandersen.com.
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For years, Arthur Andersen was at the top of its game. The biggest of the Big Five accounting firms, it boasted more clients, more money, and-many said-more talent than its rivals. Andersen ... seemed to make fewer mistakes. "In the past, when something [bad] happened, it never happened to Andersen," says Scott Whisenant, a University of Houston academic who has been tracking audit firms for nearly a decade.
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Arthur Andersen, the Big 5 firms seemed to have a "lock" on reputation. It is possible that these firms may have felt free to trade on their names in search of additional sources of revenue. If that is what happened at Andersen, it was a big mistake. In a free market, nobody has a lock on anything. Every day that you don’t earn your reputation afresh by serving your customers well is a day you risk losing your reputation. And, in a service-oriented economy, losing your reputation is the kiss of death.
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The SEC and Arthur Andersen have set August 31 as the date when the company will stop auditing publicly-traded companies in the U.S. and practicing before the SEC, they said in separate statements on Saturday. The SEC said its Enron investigation continues.
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As Enron's financial difficulties became public in 2001, Arthur Andersen instructed its employees to destroy Enron-related documents. This was consistent with Andersen's document retention policy. The government later charged Andersen for violating federal law, which made it a crime to "knowingly...corruptly persuade another person" to "withold" or "alter" documents in an "offical proceeding." The federal jury found Andersen guilty. The company appealed, arguing the jury instructions failed to convey the elements of a "corrupt persuasion" conviction - specifically, that a "consciousness of wrongdoing" was required. The Fifth Circuit affirmed the conviction.
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Gary Holdren found himself out of a job in 2002 when consulting giant Arthur Andersen, where he worked for almost 30 years, went out of business. So he started his own company, Huron Consulting, which provides financial and operational consulting services to industries ranging from academia to health care to energy. The former Andersen partner launched his business in May 2002 with 213 consultants; many of them ... had been with Andersen.
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