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Enron Corp. and Continental Vending Corp. (Commentary).

Publication: Accounting Today
Publication Date: 07-JAN-02 		Format: Online - approximately 1290 words
Delivery: Immediate Online Access
Full Article Title: Enron Corp. and Continental Vending Corp. (Commentary).(similarities noted by American Institute of Certified Public Accountants chairman Marvin Stone)(Brief Article)

Article Excerpt
On Aug. 20, 1962, the AICPA president (now called chairman) presided at a meeting of the institute's Executive Committee (now the Board of Directors). After the prepared agenda had been completed, president Marvin Stone in his typical laidback manner said, "Would anyone like to say something?" I was on the executive committee and raised my hand and spoke about the "gulf of misunderstanding" that existed between the investing public and the accounting profession.

At the time, the financial press was reporting almost on a daily basis on numerous lawsuits involving accounting firms including a trial in federal court where two partners and a manager of Lybrand, Ross Bros. & Montgomery had been indicted in connection with the audit of Continental Vending Corp. The criminal case was a cause celebre and the Institute's executive committee was kept up to date by frequent reports.

After I spoke about the "gulf of misunderstanding," there were several minutes of deafening silence from the members of the executive committee but soon there ensued a lively discussion of the litigious atmosphere involving accounting firms and the affect on the public's perception of the profession. President Stone then requested...

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