ABSTRACT
In the complex welter of conflicting legal and economic interests, the accountant is expected to produce a single adequate, truthful, and understandable statement. Thus, the accountant has ascended into a position of power, with the accompanying burden of responsibilities. Caffrey indicates what he and laymen expect from accountants in applying “their art” as truth in the accounts and complete disclosure of material facts. Further, he stresses the importance of efforts between the Commission and accountants in establishing professional standards.
