Abstract
Only recently, within this twentieth century, has accountancy achieved a solid position as a respected profession, through its response to the needs of an ever growing and ever more complex economy, in which business has become more and more involved with the public and governmental sectors of society. | "Since the turn of the century, the public accounting profession has played an ever increasing role in the economic development of this country. This expanding role is principally due to the following factors: (i) the burgeoning size of modern industry has brought with it numerous and complex problems requiring greater and more detailed financial analysis and assistance, (ii) the ever increasing demand and reliance by lending institutions, investors and the government on accurate, independent financial and economic reporting, and (iii) the adaptibility of the accounting profession in meeting business' need for newer and more complex financial services beyond auditing and financial reporting, namely, tax practice and management consulting." | Proven competence in the fields of auditing, taxation and management services has led to the intimate involvement of certified public accountants in both the economic and financial affairs of business and the personal financial affairs of many citizens. In fact, the continued competence of the accounting profession depends upon such involvement.