[StClaire]

If anyone should have known about Enron, it was McKinsey. They were all through that place, Arthur Andersen just looked at the financial reports. AA collapsed and the government went after them, but the Supreme Court vacated AA's conviction on the grounds that the instructions given to the jury were so vague the jury could have believed AA thought they were doing everything right but still voted to convict. Since the firm was destroyed, no one bothered to retry the case.

And I don't know why you say nothing substantially changed, Sarbanes-Oxley came out of that and accounting students are beat over the head with the lessons from Enron and what changed.

Plus, Arthur Andersen Consulting still exists as Accenture, but they were separate companies at that point. (Accenture was actually pretty psyched because they had nothing to do with Enron, but when AA accounting and AA Consulting broke up they had a deal where the more profitable business would send a cut of their profits to the other company. Since consulting is always more profitable, AA Consulting was looking for a way out of that deal when AA accounting imploded.)