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Mid-Sized Accountants Cash in on Enron Fiasco Dec. 17, 2001 (The Sunday Times (Abstract)/FT Information via COMTEX) The collapse of Enron under the guidance of Andersen accountants has marred public confidence in top accountancy firms, opening up business opportunities for mid-sized auditing companies. The U.S. Securities and Exchange Commission (SEC) is likely to inquire into the objectivity of Andersen's auditors, who earned $25 million in annual auditing fees plus $27 million in consulting work for Enron. The SEC is also expected to call on the Big Five accountancy firms -- Andersen, Deloitte & Touche, KPMG, and PricewaterhouseCoopers -- to spin off their auditing arms in an effort to appease investors. "Whatever mistakes have been made were nothing to do with audit independence but that does not help the perception," said Ernst & Young chairman Nick Land.
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