Arthur Andersen
Arthur Andersen, based in Chicago, Illinois, used to be one of the Big Five accounting firms and performed auditing, tax services, and consulting until 2000.Arthur Andersen spun off its consulting division Andersen Consulting and named the new firm Accenture on Jan 1, 2001. In 2002 the firm lost auditing license in the U.S as a result of involvement in the Enron collapse. Andersen has sold its assets outside the U.S. to other firms such as Ernst & Young.
History
Arthur Andersen was founded in 1913 by Arthur Andersen and Clarence DeLany as Andersen, DeLany & Co. The firm changed its name to Arthur Andersen in 1918.
Involvement in accounting scandals
On June 15, 2002, Andersen was convicted of obstruction of justice for shredding documents related to Enron. An added blow for the company may come from its role as the auditor for WorldCom.
In the past Andersen has been alleged fraudulent accounting practices of Sunbeam, Waste Management, Asia Pulp and Paper, and the Baptist Foundation of Arizona, among others.
See also: Timeline of the Enron scandal, Accounting_scandals
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