How long was arthur andersen in business

Mark Vorsatz, chief executive of Anderson Tax said they "recognize that embracing our new name is a bold move". The energy-trading firm Enron collapsed in after one of the biggest corporate frauds in US history was exposed. Around the same time, there were also other high profile accounting scandals that saw WorldCom and other companies go bankrupt.

The fall-out cost shareholders billions of dollars and led to the creation of the Sarbanes-Oxley act in the US, rules which give regulators tougher oversight of auditors and companies. However, some question the sense in reviving the Arthur Andersen name given it is associated with one of the world's biggest accounting scandals.

Afterward, Andersen told the Securities and Exchange Commission it would cease auditing public companies. It already had given up its license to practice in several states. The company now has fewer than 3, of the roughly 28, employees it had before the Enron scandal. Of its more than 1, public-company audit clients, none will remain. As people have left and files have gone into storage, Brentlinger said Andersen staff members have removed papers from offices in a downtown Houston skyscraper and turned off the lights, leaving only furniture and artwork.

Help develop a strong network of connections. Members, Get expert answers to technical questions. Start your career off right with an experienced mentor. It's never too early to start thinking about your career. Mark L. And for a while, it was, according to Mark L. Although the U. Vorsatz was blunt in saying that he thought it was a bad idea. It would take another seven years, until , before the firm would revisit the question.

Many things had happened in the meantime. WTAS began expanding internationally and, as it did, it kept on recruiting former Arthur Andersen partners.

Vorsatz said that, around this time, he asked a colleague what he thought about naming the firm Andersen, admitting that no one really liked WTAS anyway. The discussion went on for nine months, but eventually, WTAS partners overwhelmingly supported the name change to Andersen Tax, voting for it, , with 4 abstaining. Since then, he said, the name has actually proven to be highly beneficial.