[Gladwin]

You would have to have whistleblowers to make the regulatory board work. There should also be some incentive for the whistleblowers to come forward. Otherwise, coming forward would be a career ending act for an accountant, especially an Andersen accountant.

[Voltage]

I believe the whistleblower approach has worked well in Cuba. There it is usually used against parents by children, but we could certainly import the procedure here.

[L,TOWM]

Good point. Everything else would be reactive.

What is more likely is that the professional liability insurance providers are going to pull out of the business. Then the public won't have to demand government take over the attest function, because no one will want to do it...