NEW YORK: The American Institute of Certified Public Accountants
(AICPA) has retained The Weiser Group in Chicago to help in its effort
to restore faith in the auditing and accounting system.
Enron's meltdown has had serious ramifications for its auditor Arthur
Andersen, which admitted to shredding documents related to the energy
Part of Arthur Andersen's PR strategy has been to direct a discussion on
accounting practices across the industry. That point of view has
implications for the "Big 5" accounting firms, which include Deloitte &
Touche, Ernst & Young, KPMG, and PriceWaterhouseCoopers.
Arthur Andersen took out a full-page ad in The Wall Street Journal and
other papers last week, saying that it had fired the partner in charge
of the Enron account, and installed new leadership.
The AICPA calls itself "the organization that is leading the charge,"
and along with its member companies, has requested that the SEC come up
with different disclosure requirements to prevent another Enron-like
disaster from happening.
"Without a doubt, the Enron collapse has served as a wake-up call to the
industry," said Geoff Pickard, the AICPA's VP of communications. "We are
pledging all of our resources to doing whatever is necessary in
changing, modifying, or improving any of our rules and regulations that
will help restore the faith of the investing public," he continued.