PUBLIC ACCOUNTING AND THE MYTH OF THE PUBLIC INTEREST

Abstract

For decades it has been drummed into the conscience, the consciousness, and the subconscious of accounting students, researchers, and practitioners alike that the public interest is the sine qua non of the public accounting profession. Accounting researchers have attempted to explore the multi-faceted nature of what is referred to as the public interest based on the assumption that the public interest actually exists in the public accounting profession (including professional accounting organizations, government and quasi-government regulatory agencies, and auditing and accounting standard setting bodies). This paper questions that assumption by conducting an exegesis of the texts of the legislative findings, statutes, and purposes and missions of professional accounting organizations, government and quasi-government regulatory agencies, and auditing and accounting standard-setting bodies. It concludes that the assumption that the public interest exists in the public accounting profession is a myth that disguises what interest the public accounting profession actually serves and blinds the public from understanding what is meant by serving and protecting the public interest.

What you need is a gramme of soma. Benito. (Aldous Huxley, “Brave New World”)