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Presents the text of the statement issued by Philip B. Chenok, president of the American Institute of Certified Public Accountants (AICPA), before the House Committee on Banking, Finance and Urban Affairs on February 21, 1989 regarding the audit of failed savings and loan associations. Role of AICPA in providing a professional guidance in order to improve the quality of services provided by Certified Public Accountants; Factors held responsible for downfall of the profession of accounting; Information provided by the General Accounting Office (GAO) report; Recommendation of GAO to AICPA.

The article features the message of Chairman Dominic A. Tarantino and President Philip B. Chenok of American Institute of Certified Public Accountants (AICPA) to its members. Among the issues tackled includes improvement of financial reporting by giving importance to evaluating the auditor's responsibility for detecting and reporting errors and fraud; meeting the needs of the members by establishing a standing subcommittee whose goal is to increase the level of offerings to this growing membership segment; expansion of professional services by increasing the forms of practice available to accountants; and forging a stronger collaborative partnership with state Certified Public Accountant societies.

The article presents the text of a speech delivered by Philip B. Chenok, president of American Institute of Certified Public Accountants in the U.S. He discusses the change in leadership for his term will expire on June 30, 1995. Being the president for 15 years is a "dream-come-true" for him. He is proud of the progress the institute achieved and thanked everyone behind the achievements. He pledged his full support to his successor and will stand ready to serve the institute in any way he can.