Back when the Big Four was the Big Five (which was after it was the Big Eight, of course), Arthur Andersen was the fifth of the biggest of the major players in the accounting industry. Andersen would not survive the Enron and WorldCom scandals that were revealed at the turn of the century. But now it's back, at least in name.
A group of former Andersen partners have changed the name of their current firm from WTAS to Andersen Tax. The new Andersen, founded in 2002, decided to return to the name because it best reflected the firm's culture.
The firm will remain an independent global tax firm with no audit practice and will be completely owned by its partners.
Arthur Andersen and its affiliated firms peaked at more than 85,000 employees worldwide, but shuttered its U.S. accounting operations in 2002 because of problems with its audits of Enron and WorldCom. The firm never declared bankruptcy or dissolved and has focused on resolving various lawsuits since then.