Putting the Public First

Arthur Levitt

The audit profession has been granted a unique responsibility by the SEC to evaluate and present for public dissemination the financial records of all publicly owned companies. Through the years, the audit has been considered the Holy Grail for investors seeking information about the status of their investments. Some of the finest minds in America have served as paradigms of integrity as they made decisions that served investors rather than corporate clients. Arthur Andersen and Leonard Spacek were two such leaders of the accounting profession who felt strongly that the integrity of the audit could not be compromised. Maurice Moonitz, another leader in the profession, pushed for greater transparency for investors.