Holding Accountants Accountable

CHAPTER 4U – Underestimating the Effort

Accounting Humor

Q – What do accountants suffer from that other people don't?

A – Depreciation.

THIS CHAPTER ADDRESSES PROFESSIONAL competency, sufficient relevant data, and scope restrictions. We also discuss accounting expert witnesses and challenges faced during litigation matters.

INTRODUCTION

In this chapter, I focus on what I refer to as underestimating the effort and discuss how it can affect different categories of professionals:

1. Management of the company
2. Internal auditors
3. External auditors
4. Others, such as outside experts and consultants

This profession is demanding, and is accompanied by a stress that few appreciate. We walk around with large targets on our backs. Whether you serve as an accountant, an auditor, an investigator, or even a whistleblower, each of these comes with a personal risk. I have actually served in all these capacities, and have faced multiple ethical dilemmas in each role.

I have always trusted my abilities in my professional career, even though I have faced insecurities coming from such a small town. I am the first to admit that I did not graduate at the top of my class from a GPA perspective. While my GPA was very respectable, no one worked harder than me, nor were they as involved in the level of professional (and social) activities as I was. However, in this stressful line of work, every adversary ...