The Big Five has, over the past 40 years, done the profession the greatest disservice in their behaviour – gross conflicts of interest – gross negligence – and dragged a once respectible profession into the gutter.
Presently they eschew the use of the name ‘accountant’ and callthemselves ‘professional service providers’ or ‘practitioners’; certainly anabuse of the word professional!
Now they want to form ‘companies’ instead of partnerships (in order to evadetheir proper liability for their misbehaviour) and as a consequence owe theirprimary duty of care to the external shareholders of those companies insteadof their client.
Yet those who possibly remain true to the professional ethics of thenineteenth and early twentieth centuries are concerned with protecting theterm ‘accountant’.
A case of closing the door after the horse has bolted!
Better they turned their attention to providing quality service to theclient, thereby enhancing their status, that of what is left of the’profession’ and adding value to the client.
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Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast