Date: March 21, 2002
Source: News Room
Waste Management Inc. (NYSE:WMI) will replace Arthur Andersen with Ernst & Young LLP as its external auditor. Waste Management said its audit committee also decided that Ernst & Young should provide only auditing-related services, rather than both auditing and consulting services. Waste Management is working to repair its reputation after a series of class-action suits over an accounting scandal three years ago that forced it to restate financial results. The company took a $389 million charge in the third quarter to settle the last of the suits. Andersen paid a $7 million penalty--the largest fine ever levied against an U.S. accounting firm--for its handing of Waste Management's books.
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