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June 25, 1990

ARTHUR ANDERSEN HAS APPROVAL FOR SOVIET JOINT VENTURE

By CBR Staff Writer

Arthur Andersen & Co says that the Soviet Ministry of Finance has approved a joint venture agreement between Andersen and two Soviet companies, making Andersen the first professional services organisation of its kind to be authorised to audit balance sheets of Soviet companies and to do audits of Western-Soviet joint ventures in the USSR, effectively breaking the audit monopoly held by the Soviet firm A/O Inaudit; Andersen holds 70% of Arthur Anderson of the USSR, Promstroybank, 25%, Dinamo Moscow, 5%.

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