What happened to Arthur Andersen after Waste Management?

What happened to Arthur Andersen after Waste Management?

“Arthur Andersen and its partners failed to stand up to company management and thereby betrayed their ultimate allegiance to Waste Management’s shareholders and the investing public,” said Richard H. Walker, the SEC’s director of enforcement, in a statement. A fourth Andersen partner, Robert G.

How long did Arthur Andersen audit waste management?

As reported to the audit committee, between 1991 and 1997, Andersen billed Waste Management corporate headquarters approximately $7.5 million in audit fees.

Was Arthur Anderson shutting down?

The former consultancy and outsourcing practice of the firm separated from the firm’s accountancy practice and split from Andersen Worldwide in 2000, when it rebranded to Accenture, as it continues to operate….Arthur Andersen.

Type	Limited liability partnership
Founded	1913
Founder	Arthur E. Andersen
Defunct	August 2002

What was the outcome of the waste management scandal?

WASHINGTON – The Securities and Exchange Commission said yesterday that it settled an accounting fraud lawsuit against four former executives at Waste Management Inc., the world’s largest trash hauler, for $30.8 million.

Who audited waste management?

Arthur Andersen LLP
According to the U.S Securities and Exchange Commission, ‘Defendants (Waste Management) were allegedly aided in their fraud by the company’s long-time auditor, Arthur Andersen LLP’ (U.S SEC, 2002).

When was the Waste Management scandal?

The fraud case unravelled in 1997 when Waste Management appointed a new CEO, who initially began to review Waste Management’s financial statements and ordered a restatement of the past 5 year’s financial statements ‘When the company filed its restated financial statements in February 1998, the company acknowledged that …