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Contributed by mm | June 3, 2005 6:00 AM PST
Yes, even after the recent Supreme Court showndown, Arthur Andersen is still an example of greed and bad business judgment.
From New York Times:
WHO, or what, killed Arthur Andersen? Was it David B. Duncan, the auditor with the shredding machine, or was it a group of overzealous prosecutors?
The answer is that it was neither. Andersen was killed by its management, which penalized good auditors while rewarding those who made companies happy.
...
Within the Big Four, there are some substantial variations. Ernst & Young had restatements by only 3 percent of its clients, while the figure for Deloitte & Touche was 7 percent.
From the outside, it is hard to tell if Deloitte did a worse job before, letting more clients get away with incorrect accounting, or is doing a better job now of forcing companies to clean up their accounts. Similarly, Ernst's record could show that it was more vigilant then, or less vigilant now. It is an area that the Public Company Accounting Oversight Board might want to explore.
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