More than 20 former Andersen partners have joined forces to launch a
consulting business after securing $20 million in funding from Chicago-based
private equity firm Waud Capital Partners LLC.
Known as True Partners, it also has capital provided by its five managing
The consulting business will be led by Cary D. McMillan, former managing
partner of Andersen’s Chicago office. He was most recently chief financial
officer of Sara Lee, the global food and clothing manufacturer.
True Partners will help companies deal with complex federal and state tax
laws but without the potential for Sarbanes-Oxley-related conflicts that arise
when companies offer both consulting and audit services.
McMillan said True Partners would be an ‘attractive alternative to the Big
Four’, Web CPA reported.
Andersen, once a member of the ‘Big Five’ group of global accounting firms,
collapsed after being linked to the accounting scandals which led to the
collapse of its then audit client, Enron, in 2001.
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