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Accounting Nightmare at the FTC

Author: Lance Winslow

Most government agencies cannot pass an audit of their expenses. I can vouch for that and have been a long-time advocate; that the government follow the same rules they force on business. Walk the Walk; In 1990 Bush Sr. signed The Chief Financial Officer�s Act. The Act called for 14 cabinet level departments and 10 major agencies to appoint CFOs and try to emulate business and accounting standards used in publicly held corporations. The act and other financial reform legislation that followed, required that 24 agencies produce auditable Financial Statements. Guess what?

In 2000 ten years after the act was the first year that all 24 agencies filed their statements on time. In 2002 there were 13 programs of 6 agencies with discrepancies of 20.7 Billion dollars. Those heads of those agencies should be prosecuted along with Arthur Anderson, the Shredders and any Enron people who are found guilty. The Justice Department has been unaudited or did not receive a clean opinion on their financial statements from 1996-2001. Don�t you think they should get their own house in order before attacking business? I think so.

These agencies waste money and haphazardly go about their business. Many feel they are crooks; read CFO Magazine March 2002 issue article entitled �FEDERAL OFFENSES.� We are not making this up, this is unfortunate, but accurate stuff. Let�s take the FTC for instance which amongst other things requires all franchise companies to have audited financial statements to prove their worthiness to consumers, yet their own agency cannot produce proof that they have their books in order. How dare such agencies wave their mighty flag at American Business who has built this great nations. How dare they condemn the only group who can bring us out of recession and maintain us after we emerge, how dare they hide behind their piles of BS and budget woes swept under the Justice Department logo�ed carpet and stacks of bogus paperwork.

Is this the best the Federal Trade Commission can do? Is this the best they can offer as they label business people fraudsters and crooks? Is this the best they can do as they file lawsuits against the entrepreneurs of America? Well quite frankly this is just not good enough. Time to downsize; think about it?

By Lance Winslow

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