We would like to thank Howard Levy for his complimentary and complementary letter on our article. We initially included most of the “plain paper” financial statement’s history in our article including quotes from the standards, but it was properly edited out for length. We are very grateful for your addressing it.
While we fully agree that there is no requirement in the standard for the CPA to understand the client’s business, structure, accounting system, and environment, we believe that to prepare the statement, the CPA should have some—but clearly not an in-depth and studied—knowledge of these surroundings.
Once again, thanks for your interest and support. It is greatly appreciated.