"The decision to change auditors was not the result of any disagreement between the company and Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure," FedEx said in a statement. "During its long tenure as the company's outside auditors, Arthur Andersen has provided many years of quality service and has demonstrated a high level of professionalism."

Bank holding company Riggs National Corporation, largely focused in Washington D.C., also dropped Andersen after a 28-year auditor relationship, hiring KPMG to replace the firm as its independent auditor.

Riggs said it "selected KPMG in connection with the audit committee's regular review of auditing services in order to ensure that Riggs shareholders continue to maintain utmost confidence in the integrity of the company's financial statements."

In the past two weeks, Andersen has lost many of its larger clients, including Delta Air Lines, Merck Co, and Freddie Mac. Reports indicate Andersen may attempt to stop the bleeding with a merger or acquistion with Deloitte Touche Tohmatsu.

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