The Crisis in Public Accounting: And the Steps Needed to Reform the Profession

Multinational corporations and their outside public accounting firms have undergone unparalleled change since the 1980's.. The largest economies of the world are no longer sovereign nations but multinational corporations. The Big Four public accounting firms are now the most highly concentrated financial services providers in the world. Tragically, public accounting firms, in their quest for global domination, have abandoned their historic obligation to serve the public interest and their inviolate responsibility to insure trust in our public institutions by verifying the accuracy, financial integrity and legitimacy of their corporate client's.. The Crisis in Public Accounting is a result of the many failures of the profession to detect, deter and prevent fraud. This was the hallmark of this great profession and the promise made to the public by the Father of Auditing in America in 1906 by Robert Montgomery.