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Date Posted: 21:55:42 03/15/05 Tue
Author: No name
Subject: Accenture/Anderson Mafia Fraud @ Waste Mgt
In reply to: 's message, "Let the Jewish Mafia Win DuPont Waste Mgt Deals" on 21:51:58 03/15/05 Tue

By: Derry A. Watkins

New York, NY -- Will Big Five accounting firm Arthur Andersen and Company sink along with Enron, Andersen's second largest client? Did Andersen order the destruction of crucial audit documents related to Enron's financial statements? Can Andersen survive the litany of class action lawsuits filed in the aftermath of Enron's downfall?

These are just some of the questions hovering over Andersen's future as one of the world's largest accounting firms. Andersen has 85,000 employees in 84 countries and enjoyed more than $9 billion in sales last year. The company audits the financial statements of most publicly traded American companies.

Andersen's entangled relationship with Enron, coupled with leaks from Congressional investigators that it has destroyed a large number of key Enron documents, now threatens its very existence as a company. Anderson's name and reputation have been ruined.

Last year, Andersen paid a $7 million fine levied by the Securities and Exchange Commission for accounting practices that allowed fraud at Waste Management. The fine was the largest assessed against an accounting firm.

Within the last five years, Andersen has been involved in several other major accounting scandals. It audited both Sunbeam and Waste Management, which have had to restate their earnings after admitting fraud in their financial statements. Andersen paid $110 million to settle lawsuits by Sunbeam shareholders

Andersen also suffered through an embarrassing business divorce from its consulting arm, Andersen Consulting, now a publicly traded company called Accenture. Without Andersen Consulting, most industry experts believe Andersen became a middle-tier audit firm. Its efforts to develop an in-house consulting business to replace Accenture have been anemic.

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