The biggest news for the accounting industry this week is also the biggest news for CPAs in their 110-year history. In an unprecedented move, the Justice Department filed criminal obstruction of justice charges against Andersen, claiming that top management sanctioned and ordered massive destruction of documents related to the Enron scandal.

Andersen defiantly fought back, calling the indictment an "extraordinary abuse of government power" and claiming it recklessly endangers the firm's prospects of staying afloat. The firm also said it is not considering declaring bankruptcy, although industry observers believe the firm may ultimately be forced to do so.

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