The heavy criticism levelled at Ernst & Young, the Big Four auditor, for its part in Lehman Brothers' bankruptcy has raised every accountant's nightmare: the spectre of Enron.
Up until the publication of the report into the Lehman collapse, accountants had liked to say that for the past two years they have had a "good crisis" compared with the dotcom fallout.
Then, accounting was at the centre of financial scandals at Enron and WorldCom. Revelations of accounting fraud at Enron eventually led to the collapse of its auditor, Andersen, as the blow to its reputation drove clients to flee the Big Five firm.
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