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Arthur Andersen LLP was an American accounting firm based in Chicago that provided auditing, tax advising, consulting and other professional services to large corporations. By 2001, it had become one of the world's largest multinational corporations and was one of the "Big Five" accounting firms (along with Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers).
The brand was tarnished after Arthur Andersen became embroiled in the Enron scandal over 20 years ago. Now the Andersen Consulting name is being revived.
Arthur Edward Andersen (May 30, 1885 – January 10, 1947) was an American accountant who was the founder of the accounting firm Arthur Andersen LLP (now Accenture). [ 1 ] Biography
Accenture began as the business and technology consulting division of accounting firm Arthur Andersen in the early 1950s. [4] The division conducted a feasibility study for General Electric to install a computer at Appliance Park in Louisville, Kentucky, which led to GE's installation of a UNIVAC I computer and printer, believed to be the first commercial use of a computer in the United States.
Enron logo. The Enron scandal was an accounting scandal sparked by American energy company Enron Corporation filing for bankruptcy after news of widespread internal fraud became public in October 2001, which led to the dissolution of its accounting firm, Arthur Andersen, previously one of the five largest in the world.
Andersen Tax was established as Wealth and Tax Advisory Services in July 2002. In the wake of Arthur Andersen's demise, several former partners of Arthur Andersen formed Wealth and Tax Advisory Services USA Inc. (WTAS), a subsidiary of HSBC USA, Inc, to handle a portion of Arthur Andersen's tax practice.
While in Tokyo meeting with Asia-Pacific partners in an attempt to keep the firm together, Berardino received the news that the U.S. Justice Department was likely to indict the firm. Berardino hired former Federal Reserve chairman Paul Volcker in February 2002 to create an independent oversight board and reform Andersen into a pure auditing ...
Arthur Andersen LLP v. United States , 544 U.S. 696 (2005), was a United States Supreme Court case in which the Court unanimously overturned accounting firm Arthur Andersen 's conviction of obstruction of justice in the fraudulent activities and subsequent collapse of Enron .