It’s always bothered me there has never been a T.V. series or a good movie using an accountant or an accounting firm as the stars.

For that matter, I do not know of any athletes that majored in accounting while in college. Nor have I heard of an accountant that became a famous rock star or rapper. Those thoughts have clouded my mind for a number of years.

Okay, so the world may not welcome us to the stage, the screen or athletic fields, but consider this:

What if there was an accountant in charge of the U.S. budget? That’s right; one of us bean-counting nerds in charge of the U.S. budget.

Maybe we could even be granted the title of an appointed Presidential Czar. Now, that would be pretty cool, interesting and no doubt challenging. Think about it, a “CPA Czar,” the “Czar CPA,” the opportunities are endless.

I just “Binged” US National Debt Clocks (Yep, I am “Binging” now. I got tired of “Google-ling”).

The clock that I selected from the search documented an astounding $16,595,134,780,792 buy kamagra online as the amount of the U.S. national debt. That’s real money. It’s more money than I have been associated with as a reporting accountant or auditor. To put it in perspective, it would take 256,964,529 dollars going around the world 64,581 times to amount the size of the U.S. debt.

So, let’s put the accountant in charge. Think about it:

  • The U.S. books would balance. Have you ever thought about where are all of those debits for the other side of all of the U.S. debt credits?
  • The accountant would have all of the variable interest entities properly accounted for.
  • The accountant would have the fair value of the U.S. debt fairly stated. Think about that – what is the value of the U.S. debt? Is the value of the almost $17 trillion the U.S. owes? Would the U.S. Government Accountability Office still issue a disclaimer of opinion on the U.S. consolidated financial statements. I am sure the consolidated financial statements recognize all the U.S. government variable interest entities or certainly all component units.
  • If an accountant were in charge, what would the communication letter to those charged with governance read like as to significant deficiencies and material weaknesses? That begs the question; perhaps all deficiencies in internal control for the U.S. are indeed material weaknesses.

I see no reason not to put an accountant in charge of the U.S. debt, could it be any worse?

Arthur Winstead, Jr., CPA, CFE, CFF, CGMA
Arthur Winstead, Jr., CPA, CFE, CFF, CGMA

Art Winstead, CPA, CFE, CFF, CGMA, is a general services partner in DMJ’s Greensboro office, primarily serving in the firm's Accounting, Auditing, and Attestation Services Area. He serves as team captain and team member for on-site peer reviews and off-site engagement reviews throughout the country and the State of North Carolina. In addition, Art currently serves as the A&A Consultant-Director for CPAmerica Inc. 

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