Can someone give me more input on the below posted discussion? Thanks!

The economic boom of the 1990's and 2000's, and the lack of government oversight, created an environment where auditing firms were in positions to make a substantial amount of money consulting, often times more than the fees for external audits. This environment led to the Enron fiasco. Enron engaged in fraudulent accounting practices and their auditing firm failed to report these false or fraudulent financials to the SEC. This was a direct result of the auditing firm making millions in revenue from consulting, which clearly obstructed their judgment when it came to reporting their cash cow to the SEC. This, along with other financial scandals during that time pushed congress to act. With investor confidence low and the market slipping, the Sarbanes-Oxley Act was passed which effectively transferred authority to set and enforce auditing standards for public company audits to the PCAOB.