Business Services Industry
Andersen Must Split Its Auditing, Consulting Practices, Oversight Panel Says.
Knight Ridder/Tribune Business News, March, 2002
By Delroy Alexander, Chicago Tribune Knight Ridder/Tribune Business News
Mar. 12--The embattled Andersen accounting firm must separate its auditing and consulting practices, according to the head of an independent oversight board set up to recommend changes to the Chicago-based firm's business practices.
Former Federal Reserve Chairman Paul Volcker also said Andersen's auditors should rotate out of work for corporate clients at least every five years and observe "cooling off" period before going to work for one of their clients.
The findings of Volcker's panel follow a deluge of revelations about Andersen's role auditing the books of Enron Corp., which filed for bankruptcy late last year after being forced to restate earnings results...
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