The History of the Decline and Fall of the American Accounting Profession
International Journal of Economics and Accounting, 2013, Vol. 4, Iss. 4, 365-388.
24 Pages Posted: 5 May 2013 Last revised: 26 Jul 2014
Date Written: May 4, 2013
Abstract
"I don’t trust doctors, dentists or auto mechanics because I don’t know what they are doing. I don’t trust lawyers or CPAs because I do know what they are doing."
There have been many articles and books published on the development of accounting and the accounting profession in the U.S., both historically and sociologically. Some have critically examined actions taken by the AICPA, and others that have studied the effects of legislation on the accounting profession such as the Sixteenth Amendment or the creation of the PCAOB. Still others have observed the decline in the American accounting profession‘s status and image as a result of various failures such as Enron. This is the first to combine systematically a sociological analysis of the accounting profession in the U.S. with the historical development of the profession‘s power and status, and the subsequent loss of its power and status. A sociological analysis of the American accounting profession strongly suggests that it is no longer a profession as conceived by sociologists.
Keywords: American accounting profession, history, sociology of professions
JEL Classification: J44, M40
Suggested Citation: Suggested Citation