YOUNGSTOWN Accountant aims to restore trust

He will speak at a program designed to help business people understand ethical issues.
By DON SHILLING
VINDICATOR BUSINESS EDITOR
YOUNGSTOWN -- A prominent local accountant says his profession must fight back against the damage done to it by the wrongdoing of companies such as Enron and Worldcom.
The actions of a small number of accountants have undone years of work by the profession to build up a reputation of being a trusted adviser to business, said Phil Dennison, president of Packer Thomas in Youngstown.
"The profession has a black eye because of it, and the profession has to take the bull by the horns and try to wrestle that back," he said.
One way Dennison will do that is to speak at a breakfast Dec. 10, titled "Ethics in Challenging Times," which is being presented by the ATHENA Committee of the Youngstown/Warren Regional Chamber.
Dennison will be one of four speakers. The others will be Don Cagigas, president of the Youngstown-Mahoning Valley United Way; Kathy McNabb Welsh, president of the Mahoning County Bar Association; and Andrea Wood, publisher of The Business Journal.
Differing viewpoints
Jan Strasfeld, senior vice president of chamber services, said each of the panelists was selected to give a differing viewpoint on ethics.
Area business people need to have a good understanding of ethical issues and how to ensure ethical behavior in the workplace, Strasfeld said.
The ATHENA Committee holds a couple forums each year to discuss business topics. The chamber presents an ATHENA Award each year to an outstanding business woman in the Mahoning Valley. The forums are open to both men and women.
The ethics program is at 7:30 a.m. at the Holiday Inn in Boardman. Call the chamber for reservations.
Focus on ethics
Dennison said the accounting profession has been greatly affected by the increased focus nationally on ethics.
It's important to remember, however, that only a couple dozen accountants were involved in the oversight of Enron and Worldcom, he said. Also, it was the executives of these companies that hatched plans to inflate earnings and revenues, not the outside firms that were auditing those companies, he said.
The fallout, however, has been severe because the federal government now is regulating the accounting industry. Instead of an industry panel issuing standards, a new federal committee has been established to oversee accountants.
shilling@vindy.com