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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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8 minute read
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.
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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.
“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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