What happened to Arthur Andersen Consulting?
What happened to Arthur Andersen Consulting?
CHICAGO, Aug, 31, 2002 — — After 89 years in business, Arthur Andersen LLP on Saturday ended its role as auditor of public companies. The Chicago-based company was convicted in June of obstruction of justice for shredding and doctoring documents related to Enron audits.
Why did Andersen Consulting change to Accenture?
In August 2000 the accounting firm Arthur Andersen and its sister firm, Andersen Consulting, split after a rancorous battle over how much the consultants owed the accountants. Under an arbitrator’s ruling, the consulting firm grudgingly dropped its name, and on Jan. 1, 2001, became-Accenture.
Why was Arthur Andersen conviction overturned?
In a unanimous decision, the U.S. Supreme Court recently reversed Arthur Andersen’s criminal conviction for violating a federal witness tampering statute by encouraging its employees to shred Enron documents pursuant to a document retention policy.
What is Andersen Consulting called now?
Accenture
Andersen Consulting Announces New Name — Accenture — Effective 01.01. 01. LONDON; October 26, 2000—Andersen Consulting will enter the new year as Accenture.
Who is Anderson Consulting?
Anderson Consulting is a strategic, results-driven human resources consulting firm providing services to a multitude of organizations including: Private and public employers both for-profit and not-for-profit. Start-up organizations. Organizations needing to downsize business structure.
How much money did Arthur Andersen make from Enron?
�In 2000, Enron paid Andersen $52 million, including $27 million for consulting services� (Weil). This amount was enough to make Enron Andersen�s second largest account in 2000. SAS constitute the third important safety measure.
What caused Arthur Andersen indictment?
The obstruction charge is based on claims that Andersen employees shredded important documents about Enron’s finances, even though they knew the Securities and Exchange Commission was formally looking into Enron. …
Why did Arthur Andersen shred papers?
The Justice Department said Andersen offices in Houston, Chicago, London and Portland, Ore., worked overtime to shred and destroy documents that the Securities and Exchange Commission was seeking in its probe of Enron’s accounting problems. Andersen’s actions were an attempt to subvert justice, Thompson said.
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What kind of accounting company is Arthur Andersen?
Arthur Andersen LLP was an American holding company based in Chicago. Formerly one of the “Big Five” accounting firms (along with PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young, and KPMG ), the company had provided auditing, tax and consulting services to large corporations.
When did Arthur Andersen become part of Andersen Consulting?
In 1989, Arthur Andersen and Andersen Consulting became separate units of Andersen Worldwide Société Coopérative. Arthur Andersen increased its use of accounting services as a springboard to sign up clients for Andersen Consulting’s more lucrative business. The two businesses spent most of the 1990s in a bitter dispute.
What did Arthur Andersen do for Northwestern University?
In 1927, he was elected to the board of trustees of Northwestern University and served as its president from 1930 to 1932. He was also chairman of the board of CPA examiners of Illinois. Andersen, who headed the firm until his death in 1947, was a zealous supporter of high standards in the accounting industry.