Bean counter- count reality of AWA. Bottom feeder for decades
Just the facts Beancounter. Do you count beans for Arthur Anderson?
IANTHE JEANNE DUGAN Staff Reporters of The Wall Street Journal
Updated June 7, 2002 12:01 a.m. ET
At "Andersen U.," the lush, 150-acre campus where Arthur Andersen LLP has trained tens of thousands of new recruits, there's a shrine to ethical accounting.
A display in the Andersen Heritage Center is devoted to yellowing press clippings of a long-ago campaign to clean up the accounting industry by Leonard Spacek, who led the firm from 1947 to 1963. In one, he accused Bethlehem Steel of overstating its profits in 1964 by more than 60%. In another, he bashed the Securities and Exchange Commission for failing to crack down on companies that cooked their books, saying that at best the regulatory agency has been "a brake on the rate of retrogression in the quality of accounting."
CALLED TO ACCOUNT
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Read key documents relating to the Andersen case, including the firm's document-retention policy and Nancy Temple's e-mail of Oct. 12. Learn more about Andersen's document-management prowess.
See a day-by-day recap of the trial.
Related article: How Andersen's Embrace of Consulting Changed the Culture of the Company (3/12/02)
Now, it's the quality of Andersen's accounting that has set off an ethical crisis. Since 1993, the firm has been embroiled in a series of major accounting scandals -- from Sunbeam Corp. to Waste Management Inc. to Enron Corp. Facing an obstruction-of-justice charge in a Houston federal court, Andersen itself is disintegrating and will likely be gone in a matter of months regardless of the verdict -- a humiliating end to a company that once stood as the world's largest professional-services firm and whose 85,000 employees last year generated $9.3 billion in revenue.