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A group of former Arthur Andersen partners have acquired the rights to the famous Andersen name, rebranding the firm they created in 2002 from Wealth & Tax Advisory Services (WTAS) to Andersen Tax.
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Arthur Andersen name to live on
08 September 2014
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WTAS was formed in the United States 12 years ago, by former partners of Arthur Andersen, and now has offices across the US and Europe. A statement from the firm said further expansion is expected across the European market before the firm moves into Asia and Latin America.
Chief executive Mark Vorsatz said the rebranding was driven by the need to form a common identity for its expanding global presence.
“In creating a global platform, we recognised that the development of an integrated professional service model based on common values with a common identity was essential”.
“Arthur Andersen, at its best, was a firm that was founded and managed on the basis of quality and objectivity by world-class people with world-class training,” Mr Vorsatz said.
The former top-tier firm closed operations in 2002 following problems resulting from its audit of Enron, a Texan energy firm.
“I recognize that discussions about Enron may resurface as a result of this announcement. Many individuals and organisations were deeply affected by what happened,” said Mr Vorsatz.
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“As a former partner at Arthur Andersen, it was devastating to see nearly 100,000 professionals – people who started each day with clients first as their top priority – lose their jobs,” he said.
Mr Vorsatz confirmed Andersen Tax will not engage in audit services.
“From the outset, our mission has been to serve as a quality alternative to the large accounting firms who typically have audit practices, and as a premier example of independence and objectivity.”
“To be clear, we are not an audit firm and have no intention of providing audit services,” Mr Vorsatz said.
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