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In the notorious Arthur Andersen and Enron fraud case, the external auditor, Arthur Andersen surrendered their CPA licenses and the right to practice causing more than 85,000 Arthur Andersen employees to lose their jobs. Three years later, the U.S. Supreme Court unanimously overturned the conviction and Arthur Andersen was once again allowed to practice. Due to their reputational loss, the firm was unable to regain its footing as one of the Big Five public accounting firms.
Answer the questions:
1. Do you believe the revocation of Andersen's CPA license
and right to practice was an appropriate response to the Enron scandal and Arthur Andersen's act of destroying audit documents to cover up their shortcomings?
2. Given that the U.S. Supreme Court overturned Andersen's conviction, do you think the loss of more than 85,000 jobs could have been avoided?
3. Discuss the balance of protecting the public from fraud and the victims employed at Arthur Andersen who were not involved in the scandal.
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