Top Accountancy firm, Andersen, continues to suffer in the wake of its involvement in the Enron scandal. Enron, the former energy giant, now bankrupt, appears to have adopted questionable accountancy practises which allowed it to conceal the true nature of its financial position from investors and regulatory authorities. Andersen was the group auditor.
Rupert Murdoch's News Corporation announced Wednesday that they would be dropping the firm.
In America Andersen also lost Sun Trust, a large banking client, from which it earned $3 million in audit and other fees in 2000. Sun Trust had been an Andersen client for over 60 years. Delta Air Lines are also believed to be reviewing their relationship with the firm.
Despite hiring Paul Volcker, former Chairman of the Federal Reserve, in a bid to restore its tarnished image, Andersen appears to be fighting an uphil battle to re-establish its integrity and retain clients.
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