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Sunbeam fraud case study Video
EAB21103 - SUNBEAM PRODUCT U.S FRAUD CASE STUDYBy late fall of that year, the number had been reduced to four. Arthur Andersen became the first major public accounting firm to be found guilty of a felony a conviction later overturnedand as a result it virtually ceased to exist. How did a one-time industry leader find itself in a position stydy it received a corporate death penalty over ethical issues? First, the market changed. During the s, a boom in mergers and acquisitions and the emergence of information technology fueled the growth of an extremely profitable consulting practice at Andersen.
Many of the consulting clients were also audit clients, and the firm found that the audit relationship was an ideal bridge for selling consulting services. Tension between Audit and Consulting At Andersen, tension between audit and consulting partners broke into open and sometimes public warfare.
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At the heart of the problem was how to divide up the earnings from the consulting practice among the two groups. The resulting conflict ended in divorce, with the consultants leaving to form their own firm. The firm, Accenture, continues to thrive today. Once the firm split in two, Andersen began to rebuild a consulting practice as part of the accounting practice. Consulting continued sunbeam fraud case study be a highly profitable business, and audit partners were now stusy to sell consulting services to other clients, a role that many auditors found uncomfortable.
Although the accountants were firmly in charge, the role of partners as salespersons compounded sunbam already existing ethical issue—that of conflict of interest. It is legally well established that the fiduciary responsibility of a certified public accounting CPA firm is to the investors and creditors of the firm being audited. To meet their fiduciary responsibilities, auditors must maintain independence from the firms they audit.
What might interfere with the objective judgment of the public accounting firms?
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Auditors might not be completely objective when auditing a firm because they fear losing consulting business. This is an issue that regulators and auditors have not sunbeam fraud case study solved. But another problem arises in situations where accounting firms provide consulting services to the companies they audit. Although all of the major accounting firms were involved in this practice to some extent, Andersen had developed an aggressive culture for engaging partners to sell consulting services to audit clients.
The account was huge. Enron went bankrupt in December after large-scale accounting irregularities came to light, prompting an investigation by the Securities and Exchange Commission SEC. The answer was a simple one. Andersen had major conflicts of interest. After several months of sparring with the Andersen senior management team, the Justice Department charged Andersen with a felony offense—obstruction of justice. Since a firm convicted of a felony cannot audit a publicly held company, the conviction spelled the end for Andersen. But even before the guilty verdict, there had been a massive defection of Andersen clients sunbeam fraud case study other accounting firms. Inthe United States Supreme Court unanimously overturned the Andersen conviction on the grounds that the jury was given overly broad instructions by the federal judge who presided over the case.
But by then it was too late.]
You, maybe, were mistaken?