Has the American Institute of Certified Public Accountants (AICPA) aided and abetted Congress in deceiving the American citizenry with respect to the financial results and financial position of the United States Government? The Statement and Account Clause of the U.S. Constitution requires “a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time” yet there are $77 trillion in net present value costs associated with the nation’s social insurance programs and several multi-trillion enterprises that the government controls (e.g. Federal Reserve System, Fannie Mae and Freddie Mac) that are not consolidated in the government’s financial statements. Given that the Federal Government takes in about $2.5 trillion in revenue each year these amounts are clearly material. Furthermore, it is impossible to reconcile this accounting with the Constitution’s “all public Money” language.
The Statement and Account Clause and Citizens United – Part IV describes the dissent’s focus on corruption and incumbency protection which serves as a backdrop for examining the AICPA’s role in the massive accounting fraud. The article also discusses how the AICPA’s stated ethical principles cannot be reconciled with the AICPA’s action.
Part IV was published today in Jurist (www.jurist.org), a web-based news and research service associated with the University of Pittsburgh School Of Law. A link to the article appears below.
The links to The Statement and Account Clause and Citizens United – Parts I, II III appear below.
*Joseph Marren is the President and Chief Executive Officer of KStone Partners LLC, and is an excerpt of the fourth part of an Article that originally appeared in Jurist about the history of financial reporting by the federal government. For further information please contact:
Joseph H. Marren
President & Chief Executive Officer
KStone Partners LLC
555 Pleasantville Road
Briarcliff Manor, NY 10510
Direct: (914) 495-7005
Mobile: (914) 525-3216
Fax: (914) 488-5538