In this age of music-by-download, mp3s, and YouTube, does anyone remember record albums anymore? And, the 'liner notes' that were inside the album cover, providing a space for some extra commentary or backstory about the lyrics and the experience of recording the album?

Below are some 'liner notes' to the song parody, If I Were an Auditor.

"Would you hold or trade me?" This is akin to accounting concepts for held-to-maturity or held-for-investment securities (which historically, were generally held at historical cost), versus held for trading purposes (which are generally marked to market). In the context of the song parody, "Hold" implies a long-term relationship (certainly, 'other-than-temporary') versus trading, which is short-term.

"Or would you second-guess me, like everybody following behind me?" This phrase reflects a perception held by some, that there is an element of “second-guessing” in accounting/auditing, whether it be that auditors second guess (i.e., question, challenge) the client's judgment, which some may argue is the function auditors are expected to carry out in their role as independent auditors. Additionally, some believe that auditors themselves (as well as their clients) are second-guessed by regulators and/or the plaintiff's bar, as exemplified in regulatory challenges or lawsuits. By analogy, someone getting married may fear being second-guessed' by their spouse, their own family or in-laws, etc.

'Speak a little louder into my lapel.' The intent of this phrase is to symbolize a recording device, literally and figuratively; i.e., the person is not only being followed' by a variety of second guessers, but also that the main characters (and the second guessers) are trying to obtain evidence' of the other person's commitment, and insist on documentation.

‘Would you give me sale treatment, or tell me I was borrowed?' This phrase, which appears in the chorus, is the core of the song parody. Not only does it rhyme with "sorrow," it draws an analogy from accounting to marriage in that the criteria for obtaining “sale” treatment (transfer of assets resulting in removing assets from the balance sheet and recognizing any related gain on sale) is conceptually thought of as relying on the foundational concept of:

1. transfer of ownership (although ownership is not the most pleasant analogy in the marriage context); or

2. transfer of substantially all risks and rewards (in the accounting sense); or, “for better or for worse,” “in sickness and in health,” (in the marriage sense).  Thus, sale treatment means getting married, versus borrowed, which means the person was just being used for a time, but not being permanently transferred or betrothed to the other person.

'Would you marry a CPA? You can count on me, baby.' The AICPA or another professional association for auditors developed a marketing tagline in recent years, along the lines of "CPAs: Count on Us." This line in the song parody, "If I Were an Auditor," was literally the last wording change made to the song in the recording studio. Originally, the line would have been redundant with the line before it, repeating, "would you hold or trade me?" Then, the line was changed to "would you marry a CPA, you can count on me every day." Since that line had too many syllables, it was shortened to: "would you marry a CPA? You can count on me, baby," perhaps one of the strongest lines in the song.

The Making of ‘If I Were an Auditor’

The concept and lyrics behind the song parody, If I Were an Auditor, were developed by Edith Orenstein in 2008 and shared at that time with Steven Zelin, "The Singing CPA." Zelin, a professional CPA as well as a professional singer-songwriter, had a polite response along the lines of “good try!"

A year later, Orenstein approached Tom Hood, CEO of the Maryland Association of CPAs, to ask if MACPA - very active in holding programs in the virtual world of Second Life, in particular on "CPA Island" in Second Life, developed by MACPA - had interest in doing a music video about accounting/auditing using avatars in Second Life. At the time (in 2009) MACPA's lineup for its annual conference was packed, so Hood tabled the idea to potentially consider it in the future.

Close to year-end 2009, Orenstein, Zelin and Hood agreed to produce the music video in Second Life, with MACPA serving as producer and Orenstein and Zelin serving as musical co-directors.

In terms of concept, in addition to filming the music video in Second Life, Orenstein – author of the FEI Financial Reporting Blog – wanted to personally invite other bloggers, mainly accounting/auditing bloggers, to participate in cameo roles in the music video. A small group of bloggers was invited to join the ensemble performance, in addition to stars from MACPA and the MACPA production team. Most of the bloggers had very little experience in Second Life and were put through basic training in setting up an avatar, learning how to navigate, purchase clothes and accessories, etc. in Second Life by the highly skilled MACPA staff and interns.

Although rehearsals, dress rehearsals and some advanced choreography were originally envisioned, the ultimate production was improvised to a large extent, using gestures and movements suggested by the MACPA production team and the actors themselves. The filming took place online in Second Life over a 2 1/2-hour period on Feb. 4, and final editing ensued over the next week, to prepare a final edited tape for posting on YouTube and linked in the participants' blogs.

Acknowledgments

The musical co-directors and production team offer their appreciation to all members of the cast, aka The MACPA Players and Blogger Friends, and to other blogger friends who were not available to participate on the day of filming but have lent their support to the project (moral support and by spreading the word about the film once it was released). In addition, we thank our families for their patience during the two- year pre-production period, and one week post-production period, for putting up with various matters relating to this project. Also, appreciation goes to Lili Devita, FEI's senior director of Marketing and Communications, for supporting the project and providing important feedback on several rounds of edited lyrics.

Prepared Feb. 9, 2010 by Edith Orenstein, director, Accounting Policy Analysis and Communications, Financial Executives International. 

This summary does not reflect FEI opinion unless specifically noted above. The song parody, "If I Were an Auditor," is a project of the FEI Financial Reporting Blog, and does not represent FEI opinion. See the Disclaimer posted in the right margin of the FEI Financial Reporting Blog:"Unless specifically noted, the materials posted in this weblog do not represent the views of FEI,

its officers or directors, agents, employees or members. "  Lyrics to song parody, "If I Were An Auditor,"  Copyright Pending, 2008, Edith Orenstein.