Your May 19-June 1, 2008, issue raised several interesting points.Your editorial regarding the glacial pace of government reform; the IRS facing thinning ranks; and Edwin Kliegman’s report on how the Treasury Committee’s report on the auditing profession should be a must-read, somehow touch on one, and only one, problem, and that is legalized accounting. Before matters become even worse, our government must reform and create laws pertaining to accounting and auditing.
The time has come to liquidate the Securities and Exchange Commission, the Commodities Futures Trading Commission, the Financial Accounting Standards Board, the American Institute
of CPAs and other institutions that seem only to meddle and muddy the “accounting waters,” and replace them with rules and regulations that make sense in our business environment.
These rules must be accompanied by the severest degree of punishment, which would clearly prevent any inclination of defrauding the people and the government.
The time has come for Congress and the executive branch to act on our behalf, not only as professionals, but the citizenry at large by promulgating accounting and auditing laws nationwide, and replacing the current accounting mess.
I hope that CPAs and the taxpayers will support me in this noble enterprise.
Anatole Hramtsov, CPA
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