An overview of the ethical lapses of the Arthur Andersen accounting firm.
Written in 2008; 888 words; 7 sources; APA; $ 31.95
Paper Summary:
This paper discusses the fall of the Arthur Andersen accounting firm and the lessons that can be drawn from its demise. The paper explains that the problem at Arthur Anderson began because it served as the auditor of and consultant to Enron, causing a conflict of interest on many levels. The paper then highlights the lessons that can be learned from this event, namely, that arrogance and greed will lead nowhere and ethics should be the guiding principle in businesses and in daily lives.
Outline:
What Went Wrong
Conflict of Interest
Recommendations
From the Paper:
"A day after Enron Corp. announced that the SEC was inquiring into the company's accounting, auditors at Arthur Andersen's Houston office started destroying thousands of documents and e-mail messages. The destruction, which apparently took place on from October 23 to November 9, 2001, was only the start. Investigators also found that Arthur Andersen approved transactions by Enron and its affiliates that contributed to Enron's collapse. It was also found that Andersen had repeatedly assured Enron management that its books were in order (Oppel & Eichenwald, 1).
"In June 2002, Andersen was found guilty of obstruction of justice in relation to impeding the Enron investigation (Eichenwald, 1). While Andersen still exists today, it's only a shell of what it used to be, with no more than 200 employees. It has also stayed away from auditing public companies, focusing more on litigation or pension issues (Glaten, 1)."
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