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Accountancy is not a profession - Essay Example
Finance & Accounting
Pages 4 (1004 words)
Although the status of accountancy as a profession was started to be challenged around the start of the 20th century, yet for the most part, accountants in the 20th century were organized into a kind of profession that was self-governing…
In the period between 1933 and 1934, there occurred tremendous growth in the financial markets and their structure and level of organization improved considerably. That growth can be attributed to the audited financial data’s reliability to a considerable extent (Antle and Suner, 2007). However, over the last decade, a wave of scandals has shaken the structure of accountancy as a profession. The debate surrounding the professional status of accountancy can be traced back to the early 20th century. The supreme court of one of the states in the early 20th century referred to accountancy as a “business” that did not benefited the public like the “profession of law”, and further said that the laws of accountancy “have been passed in the interest of those engaged in the business and for their protection and advantage rather than in the interest of the public welfare” (Turnburee, 1946, p. 47). Profession has been defined as “a calling, occupation, or vocation distinguished from a trade or handicraft” (Webster cited in Turnburee, 1946, p. 47). On the other hand, accountancy has been defined as “the art as well as the science of recording, classifying, summarizing of business transactions in terms of money within an accounting or financial year, with the help of principles and techniques” (Banerjee, 2010, p. 4). ...
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