The conflict between public interest and self-interest in public accounting
by Chunhui Liu
International Journal of Services and Standards (IJSS), Vol. 10, No. 3, 2015

Abstract: The accounting profession has long been accused for having conflicts of interest between the protections of the public's interest and the protection of their own interest. As non-audit services generate increasing proportion of revenue for public accounting firms from organisations they audit, the concern deepens. Scandals like Enron and WorldCom prompted the passing of the Sarbanes-Oxley (SOX) Act in the USA in 2002. This paper discusses the importance and limitations of the accounting profession's code of conduct and the SOX Act in face of reputation damages to the accounting profession from conflicts of interest.

Online publication date: Sun, 19-Jul-2015

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