Arthur Anderson Scandal
Arthur Anderson who was the founder of the Arthur Anderson LLP (after many name changes, this is the current name) overcame diversity as a Norwegian immigrant whose parents had died back in the home country at the tender age of 16.
The company worked on such tasks as performing tax audits for clients and corporations and consulting services. He used the motto " Think straight, talk straight", which was conserved after his death in 1947.
However, how did this company get the reputation that it has while following such a moral slogan? As the clients demanded for more profit margins, Arthur Anderson scandal had to compromise his morality leading to the allegations that he had fraudulently altered the statements of such companies and corporations of Sunbeam Products , Waste Management, Inc. , Asia Pulp and Paper , the Baptist Foundation of Arizona , WorldCom .
The most famous scandal case Arthur Anderson scandal was involved in was the fraudulent auditing of Enron. In this case Arthur Anderson shredded vital documents sourcing the audit of Enron which occurred in the year 2002.
This led to further speculation about the fraudulent and corrupt actions of Arthur Anderson scandal. Worldcom became bankrupt after further investigation.
After this vital investigation into American corporations, Arthur Anderson was convicted but the ruling was overturned in the United States Supreme Court.
Due to the downfall of Arthur Anderson, it lost nearly all of its business and clients.
It lost not millions but billions of dollars due to this intense investigation. Although it is still in business and operating under Omega Management and has not as of yet declared bankruptcy, the firm will never reach its past legacy.
Arthur Anderson's motto of "Think straight, talk straight" has forever been tainted in the eyes of Americans corporations. This devastation of fraudulent activity has forever left a deep and painful scar on America 's businesses.
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