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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).
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.
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.
The firm's comeback has been orchestrated by Andersen, a tax business founded in 2002 by former employees from Arthur Andersen, the once-prestigious accounting firm and the parent company of ...
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Nancy Temple, second from the left, testifies with other Arthur Andersen witnesses on January 24, 2002. Nancy Anne Temple is an attorney specializing in accounting liability . She was the in-house attorney for Arthur Andersen , who advised Michael Odom and David B. Duncan about Arthur Andersen policies regarding retention of documents from ...
The Enron scandal turned into the indictment and criminal conviction of Big Five auditor Arthur Andersen on June 15, 2002. Although the conviction was overturned on May 31, 2005, by the Supreme Court of the United States , the firm ceased performing audits and split into multiple entities.
Enron filed for bankruptcy on December 2, 2001. In addition, the scandal caused the dissolution of Arthur Andersen, which at the time was one of the Big Five of the world's accounting firms. The company was found guilty of obstruction of justice in 2002 for destroying documents related to the Enron audit. [53]