Link: Andersen special report
Link: The Enron saga
The punishment was the maximum allowed under law. Lawyers for the firm have said they will appeal the ruling.
The order against Arthur Andersen LLP handed down by federal prosecutors means the firm faces more fines and extended probation if the firm violates terms handed down by US District Judge Melinda Harmon.
The firm is now just a shell of its former self, with just 1,000 of its original 28,000 staff remaining on the payroll. It has also ceased to perform any audit work in the US, after having its auditing license withdrawn earlier this year. The majority of its global network of firms has been sold off to former Big Five rivals, now known as the Big Four.
Andersen was accused of shredding Enron-related documents last year to thwart a US Securities & Exchange Commission accounting probe. The nail in the coffin for Andersen came in May when former lead auditor, David Duncan, who headed up the Enron audit in Houston, admitted that documents relating to the energy company had been shredded.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements