If this results in a major crackdown on the big accounting firms there will be some other unpleasant revelations involving blue chip clients. Probably nothing as big as Enron and little or nothing to do with either political party.

CPA firms are altogether too cozy with their clients. Most of their so called diligence associated with non balance sheet items is handled by employee interviews. A/R sampling is essentially controlled by the client.

For example, GE is primarily a financial services company now and they are masters at concealing losses and they have been doing it for over twenty years. I wouldn't expect exposure to sink GE but it would be a bit messy.

Perception is almost reality, it is just a matter of not putting more balls in the air than you can handle.