P. O. Box 6102
Woodland Hills, California 91365
CPA Watch comment: Satyam Computer Services has traded on the New York Stock Exchange
Fund for Stockowners Rights
Chairman, Fund for Stockowners Rights
By Carl Olson
Carl Olson is chairman of the Fund for Stockowners Rights.
Carl Olson, chairman of the Fund for Stockowners Rights, said that the lack of pay for investigators is troubling because of the way the board is structured.
Its budget is paid for by fees paid its 76,000 licensees in the state.
While the state may be in trouble, he
said, the board has been sitting on a $25 million bank account.
Late last year, the Schwarzenegger borrowed $11 million from this fund to help cover operating expenses in the general fund.
It also borrowed money from several other professional boards.
"It's not tax money, it's supposed to be a protected fund," Olson
"The licensees are being double-taxed, because the money they pay in to be regulated is being appropriated for other purposes."
group has been on a campaign to push the board towards a more aggressive stance-in editorials, appearances at board meetings and public clashes with groups like the National Association of Boards of Accountancy
Even while state retirements funds like CALPERS have lost 20 percent of their value due to rampant financial mismanagement across the country.
The California Board
and other boards of accountancy have not done enough to investigate and require information from the large companies it watches, Olson
"As they're dithering around, all of these giant fiascos are going unpunished and encouraged," Olson
added: "If you're going to get a CPA
who understands what they need to, you need to pay at least $100,000 to get someone who is competent and devoted."
No major case against a Big Four firm has been pursued in years."--Carl Olson, Chairman, Fund for Stockowners Rights, Washington, D.C.