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Management Planning Essay

1092 words - 4 pages

Arthur Andersen was a reputable accounting firm based in Chicago handling auditing, tax, and consulting services for top dollar corporations. In 2001, Arthur Andersen was involved in the Enron scandal which resulted in their suspension of their licenses to practice as Certified Public Accounts. Currently Arthur Andersen is recovering from this setback, and trying to regain their reputation and rebuild their clientele. In order to maintain business practices this company’s management should focus on issues regarding legal, ethical, and social responsibility. Arthur Andersen dishonored its legal, ethical, and social responsibilities by throwing out the principles of the Independent Auditor.The most known case would be Arthur Andersen LLP v. United States in which the company was found guilt of obstruction of justice by destroying evidence relating to Enron. Even though the decision was overturned, as a company Andersen is relatively finished. According to the BBC News (2002), “many of Andersen's high-profile audit clients, fearing that association with the accountant could taint them in the eyes of their own shareholders, took their business elsewhere.” When people think whether or not to do business with an accounting firm they look at them both legally and ethically.Ethical issues have also impacted Arthur Andersen as how they are looked at by potential clients. Ethical accounting is how Arthur Andersen was first ran but greed stepped in the way. Brown & Dugan (2002), state that “Andersen's descent from conscience of the accounting industry to accused felon didn't happen overnight. Rather, it stemmed from a series of management miscues and compromises over the decades.” When Arthur Andersen first started his company he put reputation over profit. Brown & Dugan later go on to inform the readers that Andersen once said “that there was "not enough money in the city of Chicago" to approve a peculiar transaction that would have lowered the company's expenses and boosted earnings.” However, the company took a turn when “Andersen leaders pushed partners to become salesmen upsetting the delicate balancing act any auditor must perform between pleasing a client and looking out for the public investor” (Brown& Dugan, 2002). Putting profit over the public’s interest is where social responsibility comes into play.Essentially people would be in agreement that accounting firms should function within legal parameters and not consciously harm stakeholders to stay within the social responsibility they owe the public. When these practice clearly deceives shareholders, analysts and creditors their auditors should catch the malpractice. Arthur Andersen LLP failed in its social responsibility by letting a conflict of interest stand in the way of them doing their job to the fullest. Kandola (2003) reports that the reason no one spoke up at Arthur Andersen about Enron was because “as more people became...

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