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Letters
to the Editor
Dear Editor: I read the lead story in this month’s (March 15, 2004) Trusted Professional titled “State Comptroller’s Office Places Public Authorities in Its Sights” with great interest. I have held the position of director of audits and investigations for the New York State Racing and Wagering Board for the past six years and have been a dues paying member to the New York State Society of CPAs since approximately 1986. As a result, I have been intimately involved in the operations of the New York Racing Association (NYRA), which the comptroller’s office incorrectly takes the credit for uncovering its many problems in this article. A brief review of various public records will reveal that the “problems” at NYRA were in fact uncovered by the New York State Racing and Wagering Board. In fact, through the board’s proactive role, over twenty individuals were found guilty of charges including money laundering, tax evasion and conspiracy. Numerous investigations and reports have been initiated by the New York state attorney general, the U.S. Department of Justice and the Internal Revenue Service as a result of my agency’s findings. In fact, NYRA was indicted as result of my agency’s many years of hard work. New York currently stands on the verge of a vast increase in legalized gambling. Therefore perhaps it would be to the Society’s best interest to get the facts straight and find out what is really going on in New York’s regulated gambling activities. Surely as this industry continues to grow, the need for CPAs versed in its intricacies will as well. Thomas
V. Casaregola, CPA Dear Editor: Even though I am largely retired, I look forward to receiving The Trusted Professional so that I can stay current with all that is happening in the profession that I have been proud to call “mine” for over 40 years. Two items really caught my eye in the March 15, 2004, issue, which I received today. First there is an article (on page 1) titled “SAS 99 in Full Effect.” The general thrust of this article is summed up in the phrase “the general response (to the standard) has been far less apprehensive, if not outright welcoming.” Then, our president (in the President’s Commentary on page 2) carefully reviews the two years since the passage of the Sarbanes-Oxley Act and concludes that: “The last two years have been tough, and our profession is in a much different place than it was. But it’s a better place, with renewed emphasis on ethics, integrity, good corporate governance and audit quality. Yes, we definitely are a stronger profession.” Exactly! I was embarrassed and appalled during the four or five years leading up to the passage of Sarbanes-Oxley by the almost total resistance of the profession and especially the AICPA to change—change of virtually any kind! Anyone with a brain knew there were things that were seriously wrong. When then SEC Chairman Arthur Levitt proposed changes that were far less than Sarbanes-Oxley, and which were very appropriate as events would shortly prove, the profession went nuts and pulled every possible trick, political and otherwise, to successfully crush his efforts. I can only imagine how much better off we would have been if the profession had constructively cooperated in reform efforts rather than painting itself into a corner by resisting any change and thus being viewed as “obstructionist.” I hope and pray that the profession and its leaders have learned a strong lesson. Change is inevitable! Change is good! Change with the times or be crushed by them. Lead or get out of the way! And by the way, I believe the AICPA and the profession owe Mr. Levitt an apology! Let us be agents of responsible change. Not isolated obstructionists! Sincerely
yours, |
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