Texas closes gates on Andersen
Rapidly crumbling firm Andersen has been stripped of its auditing license in the state of Texas, home of the infamous Houston office.
Link: Andersen special report
The decision was taken by the Texas Board of Public Accountancy on Friday, and based its decision on the firm’s conviction for obstruction of justice, following the collapse of its audit client, energy giant Enron.
Andersen’s Houston office was where some executives shredded documents after the US Securities & Exchange Commission launched a probe into the accounts of the energy trader.
The act is seen as a symbolic gesture since Andersen has already been stripped of its license to audit public companies.