If there is one thing accountants like, it is to stay in the background, well away from the glare of publicity. The censure of one of the sector's Big Five this week by the US Securities and Exchange Commission (SEC) must have smarted all the more for that.

The SEC announced it had settled against Arthur Andersen and four of its current or former partners for $7 million (#8.2 million) in penalties. It is the largest civil penalty against one of the leading accountancy practices.

Andersen had been accused of filing false and misleading audits of a US company, overstating its pre-tax income by more than $1 billion. The move is the latest in a clampdown on auditors who turn a blind eye to malpractice and problems at client firms.