Andersen Names Transition Team

Former Federal Reserve chairman, Paul Volcker, the man in charge of attempting to keep Big Five firm Andersen alive in the wake of the Enron fiasco and the subsequent lawsuits and client defections, has announced a team to lead the transition of Andersen to its new structure.

Last week, Andersen's partners agreed to adopt Mr. Volcker's reorganization plan that includes a complete separation of the firm's U.S. auditing and consulting practices. Auditing and consulting already operate separately in Europe and many other areas of the Andersen Worldwide practice.

Leading the transition team are C.E. Andrews, head of the firm's worldwide audit practice, and Larry Riegler, another senior partner. Last week, Andersen's CEO Joseph Berardino resigned his post. Mr. Berardino has not yet been replaced.

In other recent appointments, Larry Gorrell has been named managing partner of the U.S. firm, replacing Houston-based Terry Hatchett. "We are committed to building the audit firm of the future under the leadership and recommendations of Mr. Volcker," said Mr. Gorrell.

If all of the conditions of Mr. Volcker's plan are met, a seven-member governing board led by Mr. Volcker will oversee the operations of the firm.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.