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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 E. Andersen also served as Treasurer of the Norwegian-American Historical Association (1936–1942) and was a director of the State Bank & Trust Co. (Evanston, Illinois). [5] At the time of his death, Arthur Andersen was one of the largest accounting firms in the world.
The fallout led to Arthur Andersen's collapse in 2002, reducing the "Big Five" global accounting firms to four. It is one of the most dramatic corporate collapses in US history — one year ...
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.
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.
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.
Andersen Consulting had been paying Arthur Andersen many millions per year, which was at the crux of why Andersen Consulting wanted to break away. The $1 billion payment at the time of the break-up was not a "payment for independence", rather, it was simply the regular annual payments which were held in escrow until a final arbitration decision ...