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Inside Arthur Andersen: Shifting Values, Unexpected Consequences by William R. Yeack, Lorna McDougall, Cynthia J. Smith, Susan E. Squires

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Chapter 7. Mistakes in Judgment

When Arthur Andersen adopted a sales culture, the shift unbalanced many of Andersen’s traditional values and practices, increased the level of risk Andersen was willing to take with its clients, and raised the possibility for conflicts of interest. After the partner purge of 1992, Arthur Andersen became involved in a number of litigations that included Sunbeam Corporation, Baptist Foundation of Arizona (BFA), Waste Management, Inc., Boston Market Trustee Corp., Department 66, and Colonial Realty. Most of these cases were settled with little media attention. The general opinion among Arthur Andersen staff was that the vast majority of auditors were trying to do the right thing but there were a few bad apples. It ...

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