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The Andersen collapse and its side effects
The collapse of Andersen has had some unexpected side effects. It co-sponsored the excellent NewsScan Daily, edited by that excellent WAISer John Gehl. Each issue carried this acknowledgment:
"Andersen is a global leader in professional services. It provides integrated solutions that draw on diverse and deep competencies in consulting, assurance, tax, corporate finance, and in some countries, legal services. Andersen employs 85,000 people in 84 countries. Andersen is frequently rated among the best places to work by leading publications around the world. It is also consistently ranked first in client satisfaction in independent surveys. Andersen has enjoyed uninterrupted growth since its founding in 1913. Its 2001 revenues totaled US$9.3 billion. Andersen refers to the brand identity adopted by member firms of the Andersen global client service network. Learn more at www.andersen.com".
Today's issue carried this announcement: "ANDERSEN SPONSORSHIP COMES TO AN END. Arthur Andersen will no longer be co-underwriting NewsScan Daily, and tomorrow will be last issue of the publication that will bear the company's name. We will miss the fine individuals we have come to know at Andersen, and we wish them the best of luck".
Indeed, it is a tragedy when the irresponsibility of some executives throws a large number of decent people out of work. The US system is partly to blamc. The congressional hearings have stressed that in the British system, auditing companies are controlled far more strictly. We hope John does not suffer any effects of the Andersen failure.
Ronald Hilton - 3/28/02