The U.S. Department of Justice's felony indictment of March 14, which charged Arthur Andersen with obstruction of justice in the federal investigation of Enron, may be causing fund advisers and their boards of directors to take pause and more carefully consider the auditing process for their funds. That is true even where fund groups have never utilized Andersen to audit their funds.

At least one of Andersen's mutual fund audit clients is prepared to shift the responsibility for auditing the group's mutual funds to another accounting firm. Andersen's mutual fund audit clients include Fred Alger Management, Calvert Group, The Hartford Funds, Northern Trust, Nuveen Investments, Pioneer Investments and Wasatch Funds.

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