New York (May 19, 2003) -- The creation of the Securities and Exchange Commission and the CPA’s auditing franchise after the 1929 stock market crash forged a good safety net for that era but it can’t bear the weight of 21st Century business practices, said Charles Niemeier, acting chairman of the new accounting oversight board.

Taking a stroll through the history of accounting during the New York CPA Society’s annual dinner, Niemeier noted that every decade or so since the 1920s, businesses have undergone a series of mini accounting-related crises, each one in retrospect indicating that serious problems did exist, he said.

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