The Arthur Andersen, LLP - An Accounting Firm in Crisis

The Arthur Andersen, LLP - An Accounting Firm in Crisis

Introduction to the problem

Arthur Andersen LLP was an accounting firm that was based in Chicago. The firm was originated in 1913 by the owner Arthur Andersen and the owner's partner Clarence DeLany. For more than 80 years, the firm was highly reputable in the accounting and auditing industry. It was considered as the firm that was trustworthy and whose business operations were based on ethics. At the initial stage of operations, the Arthur Andersen, LLP developed certain accounting and auditing standards that were ...