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To: BWAC who wrote (38328)	2/7/2002 3:07:13 PM
From: E.J. Neitz Jr	Read Replies (1) of 53068

No question that what was done in an accounting consultancy role can lead to bigger things....bolder and bolder as the years progress. I had a run-in a few years ago with the CPA auditing the books of our condo association. Our association over the years invested part of the reserve fund in stock mutual funds that did very well and had huge capital gains. The membership was eleated that we had $400,000 in the reserve account. I wanted the accountant to show the contingent tax liability of the funds that would need to be paid when the funds were liquidated to pay for roof replacement etc....what was actually available (after taxes), according to my calculation was close to $ $295,000 The accountant understood my position and said I was right, but that FASB didnt require him to do that and he didnt want to upset the Board of the association, paying his bill. My point.....I believe the amount of "deals" and disclosure that never happened will now surface. "The skunks" are now out of the wood-pile! Not good.

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