"now someone explain how to put a partnership in jail after "it" is convicted!. wouldn't it make more sense to indict an individual or group of individuals? more nonsense from the federal government."
Indicting the company means that Andersen is now FORBIDDEN from performing the SEC audits of all public (read: Fortune 5000) American companies. It should also get Andersen tossed from its government auditing contracts (e.g. at the FBI).
Now we just have to see how much of its assets that Andersen can illegally transfer off-shore before the lawsuits and damages eradicate the company.
And of course, whether any of this impacts Andersen Consulting (aka Acenture) financially...
Andersen is dead. Frankly, it lived too long, anyway. It was corrupt for years.
Thanks for posting this and clarifying what SEC's action would be if AA was indicted:
Indicting the company means that Andersen is now FORBIDDEN from performing the SEC audits of all public (read: Fortune 5000) American companies. It should also get Andersen tossed from its government auditing contracts (e.g. at the FBI).Do you feel that this is the end of AA?
Andersen is dead. Frankly, it lived too long, anyway. It was corrupt for years. Hey Southack - You're no FUN anymore.
We have been agreeing too much lately.
BTW - Arthur Andersen is the real culprit in the Enron mess, as CPA firms are mandated to protect the PUBLIC.
Accenture Response to Media Inquiry
NEW YORK, Jan. 22, 2002 – In response to inquiries resulting from recent media coverage regarding the Andersen/Enron matter, Accenture (NYSE: ACN) today made the following statement:
Some of the news coverage of the current situation facing Arthur Andersen and Enron contains misconceptions and inaccuracies about the historical relationship between Accenture and Arthur Andersen.
Accenture is not and never has been engaged in the practice of public accounting. Accenture had no involvement in Arthur Andersen's audit services, including audit services to Enron.
Accenture LLP and Arthur Andersen LLP have been separate legal entities and have operated independently since 1989.
In 1990, the United States Securities and Exchange Commission formally recognized Accenture LLP as an entity separate and distinct from Arthur Andersen LLP.
In August 2000, based on an arbitrator's decision in the International Chamber of Commerce proceedings commenced by Accenture in 1997, all remaining historical contractual ties between Arthur Andersen and Accenture were completely severed.