Arthur Andersen Probe Requested
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A congressman has called for an investigation of Big Five accounting firm Arthur Andersen in connection with its audits of Enron Corp. and Waste Management Inc., according to a letter released Monday.
Turning up the heat under the conflict-of-interest issue among the world’s largest bean-counters, Rep. John D. Dingell (D-Mich.) asked the Public Oversight Board for a “review or special investigation of Arthur Andersen LLP,” said the letter.
Dingell also asked the board to look into peer reviews of Arthur Andersen conducted in recent years by other accounting firms, including Deloitte & Touche, and questioned the value of a triennial peer review process in place since 1978.
Arthur Andersen, based in Chicago, was auditor to Houston energy trading giant Enron, rocked in recent weeks by a Securities and Exchange Commission probe of outside partnership deals involving company officers. Enron’s stock price has plunged, several managers have resigned and numerous shareholder lawsuits are pending.
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