Is audit facing an ethical crisis? By Rob Lewis
Accountants have always struggled with ethical problems. In 1711 the directors of the South Sea Company took on a proportion of the national debt in return for a trading monopoly. Those keeping the books knew the promise to vitalise the national economy was built on nothing but hot air and hysteria, but they kept quiet. As history shows, it didn't end well.
Last year a letter appeared in an industry magazine from a whistle-blowing accountant which illustrates that those in the profession are still facing the same old problems.