In Favor of Regulation

BY DANIEL J. SENGSTOCK

The reprint of Mr. Melancons speech at Yale University was impressive A New Accounting Culture ( JofA, Oct.02, page 27). However, it failed to address the real reason we are in this situation: Partners at the largest firms need to make the payments on their million-dollar houses and $80,000 Porsches.

Until regulation prevents this group from getting rich off the publics money, we will continue to have a problem. When it comes down to a choice between losing a client (and a bonus) or going along with a companys questionable accounting methods, too many auditors worry about how theyll make the next payment to support their extravagant lifestyles.

Daniel J. Sengstock, CPA
Scottsdale, Arizona

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