October 2001

Our lives as Americans have changed irrevocably.

My apartment is on the corner of Greenwich and Rector streets. On the morning of Sept. 11 I had a beautiful view of the World Trade Towers and the Trinity Church Cemetery. Now I look out on two graveyards. I say a prayer for those lost. Despite the devastation around me, I marvel that right in the shadow of the towers, Trinity Church and, more amazingly, its chapel, St. Paul’s, survived. In St. Paul’s, George Washington’s pew is unscathed.

We as a nation have suffered a shattering blow to our trust and confidence. But that is the goal of terrorism: to erode our trust and confidence. As a New Yorker, I know that I am still struggling to accept the new realities of terrorism as part of my life—the potential for anthrax exposure, security checkpoints, the police on the trains, the need to be ever vigilant. I know I must find some sense of purpose to accept these events and changes in my life and move on.

In this difficult time, I believe the CPA can lead the way in reestablishing trust and confidence. In coping with our new realities, we must search for the value we can add—the contribution we can make in our life—recognizing how quickly life can end. Through our families we create a legacy and through our work and outside activities we try to enhance the larger community of which we are a part.

As Americans we take so much for granted—our freedoms are so great, our nation is so strong. One of the goals of the Taliban’s attack on downtown New York was to throw the financial markets into chaos. They were unsuccessful. We have the strongest financial system in the world, in large part due to the role of the CPA. The CPA provides trust, objectivity and confidence in the financial markets. The CPA provides assurance. I never have been prouder of being an American, never prouder of being a CPA, and never prouder of our New York State Society of CPAs and its members.

Independent accountants have an important public trust. Nearly half of all American households are invested in the stock market; on an average day last August, 57 billion shares worth $1.5 trillion changed hands in the major exchanges in New York. In his testimony during the Securities and Exchange Commission hearings on auditor independence, former Sen. Howard Metzenbaum, chairman of the Consumer Federation of America, said, “Our nation’s current prosperity and future financial security are tied up as never before in our financial markets. For that reason, whether they know it or not, Americans are enormously dependent on independent auditors, both to . . . ensure the reliability of the information they use to make individual investment decisions and to ensure the efficiency of the marketplace in assigning value to stocks.”

This testimony was echoed by numerous other leaders of the U.S. financial community. The message, loud and clear, is that we are a key player in the efficiency of our capitalist system. Yet we often forget the value we add and its importance. We don’t reflect on the value of being the most trusted professional. We forget that our opinion provides the investor with the critical assurance that the financial statements have been subjected to a rigorous audit by an objective, skilled and impartial professional. In the Internet world, we can assure consumers that their transactions are private and secure. Investor and consumer protection is the value we add in the public marketplace.

Of course we don’t all audit public companies, but of equal importance is the trust and confidence our clients put in us. They share their business and family problems with us. They share their most confidential information. They look to us for solutions and assistance with their businesses. They have us prepare their tax returns, confident that we will protect their interest. Their trust and confidence in us have been earned over time, built on a proven foundation of independence, integrity and objectivity. We can help restore trust and confidence in our nation. We can help businesses rebuild.

I am particularly proud of the NYSSCPA and its members, as I mentioned before. In a time of great need, countless NYSSCPA volunteers are assisting families of victims and small businesses, helping to restore trust and confidence. With our broad knowledge, we indeed add value. This is a profession we should be immensely proud to be a part of.