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H2O Tiger
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Arthur Andersen: 20 Years Later

Not sure how many accounting/tax/consulting folks we have here but I came across a WSJ article today and realized it's 20 years to the day that Andersen shut down because of the Enron scandal. I work with a bunch of ex-Andersen folks and they always speak highly about their time at the firm.

Fun Fact: The Andersen Houston office not only audited Enron, but also had Waste Management and World Com. Batting 1.000 on the largest frauds of the 90's/2000s

WSJ: Arthur Andersen - 20 Years Later


Oilfieldbiology
LSU Fan
Member since Nov 2016
32470 posts

They probably speak highly of the firm because they could just make up what ever numbers they wanted and make sick bonuses. Hooray internal audit and accounting, where numbers aren’t real and the values are made up


GRTiger
USA Fan
On a roof eating alligator pie
Member since Dec 2008
60251 posts

quote:

Accountants still joke about Arthur Andersen. When the SEC in June announced its $100 million fine against Ernst & Young for exam cheating, Jacob Jellison, a tax accountant at professional-services firm Moss Adams LLP, quipped that EY employees must feel lucky they’re not working for Arthur Andersen because of what happened to the firm. The colleague sitting next to him in the lunch room laughed.


Jacob and his buddy sound like dweebs.


H2O Tiger
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190
Mingo Was His NameO
LSU Fan
Brooklyn
Member since Mar 2016
25455 posts

I work with a ton of ex Andersen people. They all speak very highly of their time there. One, if fact, had just made partner right when all that shite went down


GRTiger
USA Fan
On a roof eating alligator pie
Member since Dec 2008
60251 posts

quote:

the firm’s global training facility in St. Charles


Legendary

Eta
Pretty great article. Will be sharing this with some folks.

This post was edited on 8/31 at 11:19 pm


H2O Tiger
LSU Fan
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A lady I work with worked under the guy that was part of the SolarWinds debacle too

This post was edited on 8/31 at 11:39 pm


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Mingo Was His NameO
LSU Fan
Brooklyn
Member since Mar 2016
25455 posts

quote:

the firm’s global training facility in St. Charles


Legendary


I've been


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TigerDeacon
Wake Forest Fan
West Monroe, LA
Member since Sep 2003
28152 posts

Uncle Art was the best.

Never went to St Charles without getting sick. Always had to go in January.


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SEClint
New Orleans Saints Fan
New Orleans, LA/Portland, OR
Member since Nov 2006
45682 posts

quote:

because they could just make up what ever numbers they wanted and make sick bonuses




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Havoc
LSU Fan
Member since Nov 2015
19686 posts
 Online 

Good female friend from undergrad went there out of college. She was pretty and sharp as a tack. Think she maybe wasn’t too high at the time to be affected by it. Doing very well.


sabanisarustedspoke
LSU Fan
Member since Jan 2007
4727 posts

quote:

hur Andersen: 20 Years Later
Good female friend from undergrad went there out of college. She was pretty and sharp as a tack. Think she maybe wasn’t too high at the time to be affected by it. Doing very well.





Considering they evaporated. I assure you she was high enough up to be affected...


dgnx6
Atlanta Braves Fan
Baton Rouge
Member since Feb 2006
56832 posts

This gets covered in pretty much all accounting classes. Even in the business law type classes they hammer home your professional liability.

But I have no love for people that were shredding documents covering up their bull shite while the reckoning was coming.


GRTiger
USA Fan
On a roof eating alligator pie
Member since Dec 2008
60251 posts

quote:

But I have no love for people that were shredding documents covering up their bull shite while the reckoning was coming.


Imagine how the other 84,950 Anderson Alum felt at the time.

Although Congress sprinkled a little fairy dust on Enron and turned it into a massive boon for the audit industry, so hard feelings probably softened quickly.


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Havoc
LSU Fan
Member since Nov 2015
19686 posts
 Online 

quote:

Considering they evaporated. I assure you she was high enough up to be affected...

There for maybe 3-4 years? I think she had an equal position waiting for her. She was one of the smart people in undergrad that won like medals and shite.


sabanisarustedspoke
LSU Fan
Member since Jan 2007
4727 posts

quote:


There for maybe 3-4 years? I think she had an equal position waiting for her. She was one of the smart people in undergrad that won like medals and shite.




Yea I know a few people who were there when they went under and they all landed on their feet.


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hellsu
LSU Fan
Northshore via Westbank
Member since Jan 2009
3115 posts

quote:

They probably speak highly of the firm because they could just make up what ever numbers they wanted and make sick bonuses. Hooray internal audit and accounting, where numbers aren’t real and the values are made up


Bold statement. Anything to back it up?


Tarps99
New Orleans Saints Fan
Lafourche Parish
Member since Apr 2017
4395 posts

quote:

Bold statement. Anything to back it up?


Much like the firm, all the experiences are made up, and to be believed because we are Arthur fricking Andersen. Where we can turn your mom and pop mid cap company into a Fortune 100 company using our accounting skills, but just don’t get caught and you will be filing for bankruptcy.


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igoringa
LSU Fan
South Mississippi
Member since Jun 2007
11822 posts

quote:

St. Charles


Went a free man and came home with what became an ex wife.

quote:

Shredding


Good ol’ Nancy Temple - “Mike, It might be useful to consider reminding the engagement team of our documentation and retention policy,'' Ms. Temple wrote. ''It will be helpful to make sure that we have complied with the policy. Let me know if you have any questions.”

To the other poster noting Waste Management and Worldcom - the true amazing thing was the consulting fees earned by Andersen and PwC (internal auditors for Waste) to clean up whatMike -- It might be useful to consider reminding the engagement team of our documentation and retention policy,'' Ms. Temple wrote. ''It will be helpful to make sure that we have complied with the policy. Let me know if you have any questions. was missed post restatement - remarkable.

Working there was truly the best of times and the worst of times.


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LSUtoBOOT
LSU Fan
Member since Aug 2012
9426 posts

AA didn’t mind the GAAP.


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