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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.
Read on to learn more about Andersen in the past, present and future. 2002. On July 9, 2002, in the wake of Arthur Andersen's demise, Andersen announced that HSBC purchased a portion of Andersen's tax practice through a new subsidiary, Wealth & Tax Advisory Services, Inc. (WTAS).
For more than a half century, Arthur Andersen—cofounded as Andersen, DeLany & Co. in 1913 by Arthur E. Andersen, a young accounting professor who had a reputation for acting with integrity—was primarily an auditing firm focused on providing high-quality standardized audits.
Aug 31, 2022 · In 2002, Arthur Andersen was convicted by a Houston jury of obstructing the government’s investigation into Enron and stopped auditing public companies on Aug. 31 of that year.
The Enron scandal was a series of events that resulted in the bankruptcy of the U.S. energy, commodities, and services company Enron Corporation in 2001 and the dissolution of Arthur Andersen LLP, which had been one of the largest auditing and accounting companies in the world.
When news of widespread fraud within the company became public in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnerships in the world – was effectively dissolved.
Andersen is the name encompassing Arthur Andersen LLP and other international entities that were members of Andersen Worldwide SC, once the massive umbrella organization overseeing Arthur Andersen & Co. and Andersen Consulting.
