With the audit implosion at the Roslyn, N.Y., school district still reverberating in the profession's ears, American Institute of CPAs president and chief executive Barry Melancon warned some 400 attendees at a conference here that the resulting backlash of a nonprofit scandal could be as devastating to the profession as the ruins left by Enron and WorldCom.

"Nonprofit is an area where we could look back in two or three years and say, 'Look how far we've come.' But we must be mindful as a profession that the PR risk of not being diligent [in the nonprofit arena] is tremendous," said Melancon. "Look what happened at the school district here in New York."

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