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Fall of Arthur Andersen |
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"They [Andersen] can never clear their name. In the court of public opinion, they have been tried, convicted and hanged. After WorldCom, there was just nothing you could say." 1 - Lynn Turner, Former Chief Accountant, Securities and Exchange Commission (US), in June 2002. Grace to DisgraceIn March 2002, Andersen (previously Arthur Andersen), one of the world's leading audit firms, was indicted by the US Department of Justice (DOJ) on charges of obstructing the course of justice in the Enron (one of Andersen's clients) case. DOJ claimed that Andersen shredded many Enron-related documents, while Enron was being probed by the Securities and Exchange Commission (SEC).1 Through the late-1990s, Andersen's name had figured prominently in various instances of business fraud by its clients, namely, Sunbeam, Waste Management Inc., Quest Communication, Global Crossing, and Baptist Foundation of Arizona.2 The firm faced civil charges for its supposed misrepresentation of accounts in most of these cases. The audit partners, who were involved in the audit of these companies were indicted and penalized by the SEC.
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1] SEC is the primary regulatory body of the US securities market. It works in close association with many other institutions such as the Congress; federal agencies and departments; state securities regulators; self-regulatory organizations such as stock exchanges; and other private regulatory bodies. The primary mission of the SEC is to protect and maintain the integrity of the securities market and to ensure that public companies disclose comprehensive financial and other information to the public. |
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