The story "Council OKs 'Little GAAP' strategy" (Accounting Today, June 20-July 10, 2005, page 1) was subtitled "AICPA financials come under fire." It reported that six American Institute of CPAs members, under the banner CPAs Reforming Our Profession (Crop), tried rousing the AICPA Council to find answers to anomalies in recent AICPA audited combined financial statements.We volunteered hundreds of hours researching and preparing our analyses with the hope of improving the AICPA and our profession. While your reporting is appreciated, we politely suggest a misplaced emphasis. Generally accepted accounting principles, or any professional initiatives, won't matter if the AICPA sinks under ineffective governance.
Crop invited the AICPA Council to evaluate this information over a year ago at its Scottsdale meeting; reactions were a mixture of ambivalence, haughtiness and indignation. We were deemed disrespectful for suggesting closer scrutiny or offering critical assessments of the financial statements, which included lackluster operating results.
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