I tend to agree with you, WhoDaresWins, but I'm not in that biz nor ever have been. However, I used to be a headhunter for Fortune 500 firms pulling these auditors from Big 8 years ago when I first lived in Chicago (now Big 5? Or something?).
Auditors are great to work with. Always well dressed and on time from those firms, plus, they were smart, so alot of fun to talk to.
And Arthur Andersen was the Waspy-est, most uptight, follow the rules firm of the Big 8, so it was a mind blower how they could have been so stupid as to involve themselves with the Enron scam. I was blown away myself to know they closed down a firm that had been in business for years...wow! is all I can say about it.
It do seem hard to swallow that these auditors didn't know totally what was going on. I mean REALLY hard. I, also, am sure they knew about it and--being such a feather in their dinky cap--just went along with what Madoff's scam. Who knows what was the exchange as now there is info that Madoff's firm was called the North Pole for all the cocaine there (plus, hookers and other party stuff). Everyone working there had to know it wasn't kosher. These people weren't stupid.
Bet the Feds are really putting the squeeze on Friehling who's looking at 114 years Federal time for info on the "others." I would just hate to be in his shoes.