The Rise and Fall of Arthur Andersen

Paper Summary:

In recent years, the standards of the accounting profession have been a subject of great scrutiny. The boom of the 90s changed the business environment tremendously. Financial scandals and out-of-hand executives required the reshaping of the accounting industry. This paper shows that at the forefront of all this is the once-famous accounting firm of Arthur Andersen. The paper examines the history and success story of this firm and then examines the issues surrounding the charges of unethical practice.

Paper Outline
Company Background
The Rise of Arthur Andersen
Implications of the Fall of Arthur Andersen
The Fall of Arthur Andersen
After Enron, WorldCom, and the Fall of Arthur Andersen
Bibliography

From the Paper:

"In 1997, Andersen paid $7 million to settle fraud allegations arising from an audit of Waste Management Inc. Another whopping $24 million was paid in settlement over allegations that Andersen misrepresented the financial health of American Continental Corp. and its subsidiaries bases in Arizona. On top of that, Andersen was also under investigation by Arizona officials for repeatedly ignoring information that the Baptist Foundation of Arizona was defrauding its customers. After years of clean audits, the foundation was exposed as a multi-million dollar fraud."

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