Just when the dour world of accountancy was beginning to look a little bit interesting, and more financially rewarding for its exponents, it hit a brick wall. Auditors are now scrambling to find their hairshirts again. After Enron, Arthur Andersen will not even survive in any recognisable form.

American investors are currently dismayed at the inadequacy of financial reporting. Many companies have suffered a loss of confidence - starting at the very top, with GE.