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Inside Arthur Andersen: Shifting Values, Unexpected Consequences, by Susan E. Squires, Cynthia J. Smith, Lorna McDougall, William R. Yeack
Download PDF Inside Arthur Andersen: Shifting Values, Unexpected Consequences, by Susan E. Squires, Cynthia J. Smith, Lorna McDougall, William R. Yeack
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Why did Arthur Andersen really collapse? What crucial lessons can be learned from Andersen's experience? Inside Arthur Andersen uncovers the roots of Andersen's implosion, tracing its spectacular two-decade transformation from staid auditor to aggressive consulting firm-and the profound change in corporate culture that led to its self-destruction. The authors bring 26+ years' experience studying Andersen culture from the inside-and their story offers profound lessons for every organization.
- Sales Rank: #288904 in Books
- Published on: 2003-06-12
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .60" w x 6.20" l, .68 pounds
- Binding: Paperback
- 208 pages
From the Back Cover
"Inside Arthur Andersen provides a perceptive analysis of the changes in cultural values that took Andersen from the top of the accounting profession to its doom.The authors do a superb job of analyzing the historical Andersen culture and the varied forces that led to dramatic changes in that culture in recent years. In addition, the authors display great insight into what made Andersen great and the changes that led it to fail, while also raising serious questions about the remaining accounting firms and whether they understand how they must change to survive. In the struggle between public interest and private profit, private profit won out only to cause Andersen to fail."—Arthur R. Wyatt, Retired Partner, Arthur Andersen, former member, FASB, and past Chairman, IASC
"This book provides a thought-provoking account of how the firm's culture changed over time. It is balanced and helped me make sense of what happened to our once-great firm."—James Brennan, former Associate Partner, Andersen Consulting
"This author team is the best to provide insider insights and credible explanations of what happened at Arthur Andersen and why it happened. The story they tell contains valuable lessons for all companies and leaders and is a must-read for anyone interested in the health and well-being of companies today."—D.Quinn Mills, Harvard Business School, and author of Wheel, Deal, and Steal.
"The wave of corporate financial scandals has served to emphasize the critical role of the external auditor in maintaining a market economy. Arthur Andersen had a distinguished history of being the 'gold standard' of the profession. How this highly respected firm lost its bearings is the subject of a superb, serious study by former Andersen employees. Inside Arthur Andersen is and will remain the definitive explanation of the downward spiral to Enron."—Leonard R. Sayles, Professor Emeritus, Graduate School of Business, Columbia University
"Inside Arthur Andersen provides a lively excursion through the conflicting goals and values that permeate organizations in general and the public accounting profession in particular. The story of the birth and death of the Arthur Andersen firm is loaded with lessons for us all. This book should appeal especially to readers who want an overview of the dramatic consequences of Andersen's changing values through the years."—Charles T. Horngren, Stanford Graduate School of Business
"Inside Arthur Andersen provides an outstanding chronology of the birth and life of a great firm. Andersen had an extraordinary culture and exceptional strategies that resulted in unquestioned leadership professionally and in the financial and business world. Somehow management lost sight of its 'core' and greed destroyed what I valued as a partner for 22 years."—Dean Christensen, former Arthur Andersen local office managing partner
The collapse of Arthur Andersen was among the most profound events in the history of American business. For nearly a century, Andersen was synonymous with integrity. Seemingly overnight, the firm imploded in scandal. How could it have happened?
Inside Arthur Andersen uncovers the roots of Andersen's collapse, tracing its spectacular two-decade transformation from staid auditor to aggressive consulting firm-and the profound change in corporate culture that made it possible for Andersen people to begin shredding thousands of Enron documents that fateful day in October 2001.
Could Andersen have adapted to a new business environment without compromising the values that first made it successful? How did Andersen's leaders miss the harbingers of disaster? The authors of this book are uniquely well positioned to answer these questions. Together they bring more than 26+ years' experience studying Andersen culture from the inside. In this book, they tell a story that every leader needs to hear.
- Enron and Andersen
- The all-night shredders-What were they thinking when they shredded all those Enron documents?
- Honest Beginnings
- Strong, principled leaders made Andersen the gold standard among auditors
- Growth before the Storm
- How Andersen grew and how it changed
- Losing Control
- The harbingers of disaster-and why they were ignored
- Consulting Revolution
- Can a public accounting firm offer consulting services without conflict of interest?
About the Author
Lorna McDougall has extensive experience in organizational development for major companies and universities in the U.S. and UK. She joined Andersen Worldwide's Performance Consulting group in 1990, where her work included research, organizational planning and development, and cross-cultural training for worldwide delivery for Audit, Tax and Consulting.
Cynthia J. Smith worked in the Management Development Group in Arthur Andersen's Center for Professional Education and Development. She also worked at World Headquarters on cultural risk management and onsite with engagement teams in Asia developing improvements in high risk and international project management.
Susan Squires has over 15 years' professional experience conducting organizational research in corporate settings, evaluating new products, and leading business trainings throughout the United States, Europe and Asia. In 1994, she joined Andersen Worldwide, where she worked with Andersen Consulting and Arthur Andersen as well as many of their clients.
William R. Yeack joined Arthur Andersen in 1981, worked on audit engagements, earned his CPA (1983), and was a member of the Management Information Consulting Division, which became Andersen Consulting. He specialized in large, high-risk projects in the utility and financial industries. He held high-level executive positions with international responsibilities that involved ongoing business relations with the firm.
Excerpt. © Reprinted by permission. All rights reserved.
Preface
The fall of Arthur Andersen—one of the five largest accounting firms in the world—was as much a shock to its 85,000 worldwide employees as it was to the business community and the general public. Except for the Enron engagement team, those inside the global firm knew little about its association with Enron. Most first learned from the media of the Andersen felony indictment for obstructing a federal investigation. Even then, it was inconceivable to most Andersen employees that the entire firm, with offices all over the world, could be affected so profoundly. Within days, desks were being packed, families relocated, whole offices parcelled off. Everyone was left looking back at what had been. The story is poignant, not just because it affected the lives of those inside but because it has a message for businesses today in all sectors. The changes inside and outside the firm that led to actions so out of character for the company's founder, Arthur E. Andersen, are changes that can and will affect other companies, perhaps yours.
The mission of this book is to tell what happened, as seen from inside—before, during, and after—to those who are not insiders of Arthur Andersen or the accounting industry, and provide insights for those who were insiders. The authors, Susan E. Squires, Cynthia J. Smith, Lorna McDougall, and William R. Yeack were all employed by Andersen and bring over 26 years of collective experience with the firm to the Andersen story. The book's tale is of a firm that changed as competition among the big accounting firms became aggressive. To survive and prosper, Andersen changed and adapted in ways many firms today are changing and adapting. From the days of Arthur E. Andersen's original public accounting firm that provided honest audit service, the firm became a dynamic, sprawling, more aggressive multiservice organization with clients willing to skate ever closer to the edge of risk. This book chronicles key decisions that led to changes in Andersen's culture and the external and internal factors that led to events that would have been unlikely—even impossible—only a few years before.
The story begins as Arthur Andersen goes to trial, then recounts the sequence of events that brought the firm to court—the day things turned ugly—the media coverage of the shredding, and the fall of the first of several dominos that would eventually topple Arthur Andersen.
You will get the inside view from several perspectives of the firm. What was it like to work at Arthur Andersen? How did the company grow from a small accounting firm dominated by one individual to a global firm that was the largest of its kind in the world when it became Enron's auditor? You will understand the long chain of events that eventually caused Andersen to fall. These events shed light on the role of accounting in the American economic system and on current concerns. In the end, you can consider what this means for you and perhaps for your company.
About the AuthorsArthur Andersen is a unique case to which analysis of the organizational culture can be applied. All authors are Andersen "insiders" who were participants and observers within the Andersen organization and are able to share a factual business picture, as well as a very human face of the firm's story. Three of the authors of this book are cultural experts who held positions at the firm. Based on their understanding and first-hand experience, the authors are able to shed light on events and core values of the legendary Andersen culture and how they were transformed over time, especially from 1981 to 1997, the time span of their experience.
Dr. Susan E. Squires was at Andersen Worldwide's Center of Professional Development from 1993 to 1997, working with both Arthur Andersen and Andersen Consulting as an evaluator and cultural consultant on internal and external teams.
Dr. Lorna McDougall was a cultural consultant at Andersen Worldwide, conducting research and working on long-term human resources and organizational learning for the Audit, Tax, and Consulting divisions in the U.S. and the UK.
Dr. Cynthia J. Smith, an anthropologist, began working with the firm in 1982, creating the first position for an anthropologist in the Management Development Group at Andersen's Center for Professional Education and Development in St. Charles, Illinois.
William R. Yeack's responsibilities for large multinational, high-risk projects within the firm and as a private sector executive add a front-line professional perspective to the book. William Yeack and Cynthia Smith worked closely together on cultural research projects in the firm, developing high-risk and international project cultural risk management improvements.
AcknowledgmentsMany people helped us with this project. We owe thanks to the many members of the Andersen family who lent us their support, to senior members of the firm in the U.S. and UK for generously sharing their perspectives, and to all the Arthur Andersen alumni for their thoughtful interviews. We want to thank James Brennan for his generosity in terms of time and effort to help us with the interview phase of the project. All of those we talked with added immeasurably to our understanding, and without them this story might be very different.
We would like to express our deep gratitude to our editor, Jim Boyd, for the unusual opportunity to write as a team and for his invaluable insights and guidance throughout this project.
We thank Russell Hall for his editorial support and for his cheerful encouragement as we worked through the many possible approaches to writing.
We must thank Mitchell Lear for suggesting that we write this book and Dr. Leonard Sayles and Kathy Ripin for their help in thinking through the project. They gave generously of their time and advice.
We especially thank retired partner, Thad Perry, for taking an interest in the research and development projects proposed by William Yeack and Cynthia Smith when they all worked together in the early 1980s. Mr. Perry had the management courage to give permission and support for our work.
Thanks also go to Dr. Daniel Jensen, Director of the Accounting Hall of Fame at Ohio State University, who took time to engage in a most interesting and helpful discussion of recent events in accounting from his perspective as a historian of the accounting profession.
We would also like to thank those who helped us with research for the project. Elaine Lowell and Gabrielle Cooney provided help with some of the background. Brian Hickam and Tim Burns, reference librarians at Ohio State University-Mansfield Library, were extremely helpful and creative about tracking down sources.
It is important that we thank Marilyn Taillon for her Andersen insights and Kate Cox for her guidance in reorganizing the original manuscript. Bryan Bryn deserves our thanks for helping to tighten the book's conclusions.
Our families have been unfailingly supportive while we thought about and undertook the writing task. We want to express our appreciation for all the concessions our families and friends have made and for their support during our work on the book.
Lucy, Susan's dog, deserves special thanks for sitting so patiently by her desk while she wrote and rewrote instead of going for walks.
Because the firm no longer exists, for all intents and purposes, it has been difficult at times to verify information. Although we have made every effort to check points of accuracy, the authors take responsibility for any errors. When we found discrepancies in details recounted in the media, we attempted to check the facts with former Andersen partners or to decide which sources we believed to be more reliable. The story of Andersen and Enron is still unfolding, and a great deal of litigation is still outstanding against the firm, which makes it difficult for Andersen people to discuss certain topics.
Most helpful customer reviews
34 of 40 people found the following review helpful.
Major Disappointment
By A Customer
The majority of this book was a mere recast of the history of Andersen and a chronology of events. Comments by a few Andersen folks, most of whom go unnamed. Was keeping up with Accenture [Andersen Consulting] really the cause? AC was gone 3 years earlier. All the Big 5 had consulting practices -- why is Andersen the one that is gone? Footnote after footnote of references to the Wall Street Journal, the Chicago Tribune and Andersen's History Book.
As a past partner in the Houston office of Andersen [not involved in Enron], I can say that the book clearly misses the mark. To really know what was happening one should explore the culture of the Andersen Houston office, the key players and those who have not been highlighted in the press, the review process, the reason that management did not step in when there was an obvious problem [Enron restatement]. How could the shredding occur? Why did Andersen send down some flunky attorney to Houston[who was only with the firm 2 years and was not even a partner], rather then send the partner in charge of legal. Where were the procedures to replace/remove a partner on an engagement when litigation was threatened? How could Dave Duncun be left in control? Isn't there a conflict here when Dave continues to run the engagement when litigation is threatened [and possibly against him and criminally in this instance] and he remains in charge? Where was the head of risk, and what was he doing? Was Dave Duncan really in charge of the audit, or was that just what the assignments showed? How did Dave Duncan, only a partner for about 5 years, get in charge of the Enron audit? Certainly he did not sell the work.
There is so much missing, and the conclusions are, for the most part, unsupportable leaps.
43 of 52 people found the following review helpful.
Huge Disappointment
By A Customer
I was very disappointed with this book. I had thought we would get some insight into the failure and reasons for the failure of Andersen. This would have included why was David Duncan left in charge of the Enron audit after the restatement occurred, how could the shredding incident have occurred [did not Andersen know how to address potential litigation], where was the head of Andersen's risk practice, what did the practice do, how was the Houston office run if in fact Andersen's offices had considerable latitude to run engagements. None of this was covered.
What we get is chapter upon chapter of history with references to the Chicago Tribune, the Wall Street Journal and the First 60 Years of Arthur Andersen. Oh yeah, we also get comments from some manager in Asia about how he was surprised about the downfall of his firm.
No interviews with key members of the Enron engagement team or the Houston office. No insight on why the firm failed. The book tries to lead us to think that the creation of Andersen Consulting [Accenture] led to the firm's demise. Hardly, did not the other Big 5 all have consulting practices, and none of these firms has failed. What made Andersen different then the other Big 5? David Duncan did not bring in Enron as a client. Who did? Who were the members of the engagement team? How did Duncan, a relatively junior partner, get to be the lead partner on the engagement? Who was really running the show? [The book makes it sound like Duncan reported to a practice director, which was hardly the case. In fact, this practice director was not even part of the Houston office.]
Still considerable room for someone to step in and do some investigative journalism, and some real work to find out what caused the demise of Andersen stemming from the Houston Enron incident.
9 of 10 people found the following review helpful.
good, workman-like explanation, approving yet critical
By Robert J. Crawford
I read this for a writing project and found it one of the best accounts available of what happened to make this company collapse the way it did. While there is occasionally a sense of victimization running through it - the authors all worked for AA or were affiliated with it - it does not stop them from hard-hitting analysis of how a company declined from iconic status as a standard-setter to one that was, well, slowly corrupted and traducing its values (like, the authors contend, all the other big accounting firms).
What this book adds is an analysis of how AA's governance evolved, from a tightly controlled firm with a charismatic leader to a global, highly decentralised one that was impossible to govern. This was a slow, evolutionary development with consequences that no one could have foreseen. Slowly, values eroded, a culture came undone, and the result was, in many cases, a naked scramble for money. In essence, accounting became a doorway to far more lucrative consulting arrangements, and so AA began increasingly to cooperate with those it was supposed to audit as a public service and with independence and integrity (as it clearly did in the past when the firm stood for something).
Where this book is weaker is on the wider context of the economy, which the reader will have to seek elsewhere. Moreover, while the SEC scrutiny - and the indictment that killed the company - may have been unfair, there were so many scandals developing that at least one firm was slated to take a fall. It was AA, as it turned out, somewhat a scapegoat in which many many good people got hurt, but still, in retrospect, it looks very very bad. I cannot feel outrage at its demise, though I do feel sympathy.
Recommended for specialists. This ain't pleasure reading, but the story is one that needs to be told as an ethics case study.
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