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
