Academic journal article Journal of Accountancy

Begin Process to Restore Public Confidence. (Letters)

Academic journal article Journal of Accountancy

Begin Process to Restore Public Confidence. (Letters)

Article excerpt

As a longtime member of the AICPA, I am appalled at the recent actions and inactions of our fellow CPAs. We are supposed to be the rock-solid figures of integrity and truth--to provide users of financial statements the independent assurances that reported numbers are accurate, fairly presented and in accordance with accepted practices.

I am disappointed in the profession's inability to police itself. In all the public discussions about tighter controls and monitoring, I have not heard the CPA profession's programs or comments. Where are we?

We must begin a process to restore government and public confidence in our creed.

* Let's not just use footnotes in an attempt to cover ourselves. Footnotes should be the last resort. The published numbers must be the most accurate and fair as possible. If the footnote must be used and if it is significant, the pro forma results, alternatives and impacts should be shown in easy-to-understand form.

* Opinions should declare concerns if audited management disagrees with the auditor's view, for example, in the accounting for stock options. CPAs need to take the risk that they may get "fired" by the client for taking this principled route. …

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