Black Wednesday for Andersen in US
Rapidly disappearing firm Andersen has seen its business shrink even further from view with six companies ditching it as auditor today (Wednesday) alone.
The biggest of these, was online ticket vendor Tickets.com, which dumped Andersen in favour of Deloitte & Touche in a Form 8-K filing made with the US Securities & Exchange Commission. No reason was given for the decision. In 2001 Andersen billed Tickets.com $348,500 (£236,000) for audit services and $33,000 for non-audit work.
Enzyme therapy developer BioMarin Pharmaceuticals ditched Andersen in favour of KPMG in what has become a weekly, if not daily, event in the life of what was once the fifth largest accountancy firm in the world.
Investment company Brantley Capital ditched the firm for KPMG, as did SOS Staffing Services, while Telex Communications went with Ernst & Young. Study body, School Speciality dismissed Andersen in favour of Deloitte & Touche.
Meanwhile, Vertex, a tax compliance software developer has agreed to buy the income tax software unit of Andersen.