Arthur Andersen LLP

Arthur Andersen LLP was one of the largest accounting firms in the world, known for providing audit and consulting services. Founded in 1913, it gained a strong reputation for its professionalism and integrity. However, in the early 2000s, it became embroiled in a significant scandal related to its auditing of Enron, an energy company that collapsed due to widespread fraud. As a result, Arthur Andersen faced legal repercussions, leading to its demise and loss of credibility. The scandal highlighted the importance of ethical practices in accounting and significantly impacted regulations in the industry.