Arthur Andersen fined again
With its usual sense of unerring speed and efficiency, the Accountant’s Joint Disciplinary Tribunal has now fined a firm no longer in the audit market for work it carried out over a decade ago. Arthur Andersen is now to pay a penalty of £75,000 and £100,000 costs for work it carried out on condom-manufacturer SSL in 1999 and 2000.
SSL was created in a merger between London International Group and Seton Scholl Healthcare in 1999. Arthur Andersen came onboard as the auditors of Seton Scholl, but the tribunal found it had failed to obtain enough evidence to obtain a true and fair view.