Satyam's impact on our profession

Do you think alleged  involvment of PWC in Satyam has dented image of entire profession? I have worked in Gulf. Most of the MNC there are asking for western degrees and such incidence will strenghen their view point. Now I am in tax profession and while arguging to tax authorities based on audited figures,we used to get a comment "such audits are common and anybody can give audited figures". Again here also we will find it very difficult to face authorities based on Audited statements/figures. Strictest possible action but not less than withdrawing degrees from all partners of PWC in entire India and ban on their other practices will only help us.