File this one under “Nightmares That Haunt CPAs.”

In an article titled “Accounting for the Future,” The Washington Post asks the question the profession has been asking ever since Arthur Andersen collapsed: What happens if another major accounting firm goes under?

“Five years after the indictment of accounting giant Arthur Andersen, the government remains skittish about how much to punish audit firms for misdeeds,” writes Post staff writer Carrie Johnson. “The firms and their Washington allies warn that the companies are vulnerable to big verdicts that could steer them out of business, leaving clients with few choices, driving up costs, and throwing investors and markets into disarray.”

That frightening scenario presents more than one dilemma for regulators. Read The Post’s article for complete details.

Meanwhile, CFO.com is declaring an end to the sad tale of Arthur Andersen and Enron. That’s after a judge approved a $72.5 million settlement between Andersen and Enron investors.