First JofA and Today

In a reprint of the first issue of the JofA in 1905 (“ Centennial Countdown ,” JofA , Jan.05, page 12) the first paragraph citing the growth of the profession and the trend toward periodic audits by CPAs noted, “Banks, trust companies and insurance companies have more recently adopted the same plan as a guarantee of security to depositors and policyholders, and the best method of protecting against fraud.”

It seems the public expectation in 1905 that audits should protect against fraud existed before most states had passed public accountancy acts. Who has the wrong expectation of audit scope? Is it the public or the profession? Maybe it is time to stop complaining that too much is expected and just find a way to deliver the service.

Joe von Bose, CPA
Corporate Manager of Accounting Operations
Six Flags Theme Parks
Grand Prairie, Texas