New York (Feb. 14, 2002) -- Launching a pre-emptive strike prior to testifying before Congress, American Institute of CPAs chairman James Castellano outlined a series of reforms to modernize the current business reporting system -- and warned against jumping to any conclusions that could lead to "dismantling" the profession.

Castellano called the events at Enron "deeply disturbing" and acknowledged that its failure had eroded trust in the accounting profession. He is scheduled to testify Thursday before the House Energy and Commerce Committee.

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