Freddie Mac takes axe to Andersen
Andersen has been dealt another body blow while still reeling from the loss of one of its most significant clients last week.
US housing corporation Freddie Mac has now joined drugs company Merck in showing Andersen the door after more than 30 years service.
The news came as it emerged that Ford Motor Company had dropped the embattled auditor from working on its pricing dispute with Visteon, a car parts supplier.
In a statement, Freddie Mac said it would replace Andersen with PricewaterhouseCoopers, though it would still use Andersen in a consultancy capacity.
The reasons for the split are unclear – Freddie Mac, who had used Andersen as its auditor since its inception in 1970, said there had been no disagreements with the auditor.