Word: andersen
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...professions, the staid, gray flannel world of accounting last week erupted in a name-calling civil war. The contestants: Chicago-based Arthur Andersen & Co. v. the Securities and Exchange Commission, an industry self-policing board, and five other companies that, like Andersen, are members of accounting's "Big Eight" firms. The issue: How far should the Government go in monitoring the standards used in auditing a company's books...
Which might seem reasonable enough-but not to Andersen. In late July the company filed suit in federal court to invalidate the SEC regulations. Andersen's essential point: the Government should leave accountants to police themselves. By backing the F.A.S.B. rules, Andersen contended, the SEC is imposing a heavy bureaucratic burden on accountants. Andersen fears the agency might penalize auditors who switch from one accounting method to another in the belief that they are best representing the financial conditions of the companies whose books they keep. Says Senior Partner George Catlett: "You let the Government in a little...
...town's hottest club is the Bottom Line, in Greenwich Village (15 W. Fourth St.), where for a nominal admission ($5.50) some of rock's best talent is on view. During convention week, the management has booked a bunch of folkies-Eric Andersen, Livingston Taylor, Mary Travers, Tom Paxton -who will presumably regale visiting delegates with songs of chiding irony and social import. The Convention, a group of comic actors, will open each show with irreverent improvisations on the day's events at the Garden. Up in Central Park, the Schaefer Music Festival offers excellent, inexpensive...
...cadet who finishes at the bottom of his class. As No. 835 in a class of 835, Goat Jesse Owens won a creditable round of applause at Michie Stadium last week. But the biggest hand-an extravagant two-minute ovation-went to No. 757 in the class: William Andersen, chairman of the cadet-run Honor Committee that enforces the Military Academy's honor code. Said Brigadier General Walter F. Ulmer Jr., commandant of cadets: "There was a message there for somebody...
...Andersen was a zealous upholder of the code (which states that "a cadet will not lie, cheat or steal, or tolerate anyone who does" and which demands expulsion as the sole penalty). With West Point in the midst of the worst cheating scandal in its 174 years, the seniors who won their second lieutenants' bars last week were endorsing a strict construction of the code...