U.S. Comptroller General Asks MPAs to Do Better Than Satisfactory
by Kate McCann

Speaking to the newest class of MPAs in the McCombs School of Business, U.S. Comptroller General David Walker opened the 2005 Lyceum Speaker Series by emphasizing two words: integrity and stewardship.

Integrity must be an unimpaired condition that serves the people and information, Walker said, because without it, “nothing else matters.” As he explained it, the “P” in Certified Public Accountant means retaining public trust, responsibility to the public and a drive to serve public interest. This, he said, is stewardship—thinking about others from a community perspective.

While Walker was not asking individuals to become superheroes, he encouraged responsibility and teamwork. Each CPA must be accountable and lead others by example, he told students. A CPA must not be daunted by the task of keeping the corporate world accountable—the alternative is to live as a hypocrite.

“The law represents the minimum of acceptable behavior,” he said. “Too many people make unprofessional decisions, thinking, ‘It’s not illegal.’ But that doesn’t mean it’s not unethical.” Walker objects to CPAs resting on the floor of acceptable behavior. Instead, he would like to see accountants rise above satisfactory standards and do what’s ethically right.

Drawing on his 20 years of experience in the private sector and as the former global managing director of Human Capital Services, Walker cited the famous breakdown of accountability in the firm Arthur Andersen. The unstoppable accounting powerhouse went from a global gold standard to a non-existent business in less than two years after the firm was found guilty of obstructing justice by shredding Enron documents in 2002. Arthur Andersen’s actions caused a ripple effect in the industry that caused the public to question their trust in corporate ethics.

“Trust is hard to earn and easy to lose,” he said. “It takes decades to build a reputation of integrity.”

From this loss, three standards emerged. Management was called upon to work toward sustainability over time, to be transparent and to take accountability for wrongdoings.

The comptroller general said that the government has been a “lag indicator” of making the necessary changes. A series of charts and graphs contrasted the financial decisions made by the government of today and the government of yesterday, which demonstrated the changing priorities in our budget.

“Our financial situation is worse than advertised,” he said. “Running a deficit this big is imprudent and the trend is not positive. The government is on an unsustainable path.”

Walker had one last piece of advice for the students. “Please give two years of your life to public service,” he said. “We’ve lost that commitment and are turning more towards a ‘me’ society.” To deal with the many financial and ethical issues vexing the U.S. today, Walker believes it will take the combined efforts of many institutions over an extended period of time and a renewed dedication to integrity and stewardship.