Oracle dumps Andersen for E&Y
A bad week for Andersen in the US has worsened, after it was announced today that another major US audit client - software giant Oracle - has defected from the firm in favour of Big Five rival Ernst & Young.
E&Y is the latest firm to benefit following a string of Andersen audit defections as companies continue to flee amid the bad publicity and revelations of malpractice that have emerged since the collapse of energy firm Enron.
Earlier in the week Andersen announced it was to cut 7,000 jobs in North America, while yesterday, former Houston lead audit partner David Duncan, pleaded guilty to a charge of criminal obstruction.