The importance of regulation of the accounting profession is of particular importance especially after the financial crash and banking crises. Accountants and auditors gave banks a clean bill of health.

Banks such as Bear Stearns and Lehman Brothers collapsed during the financial crises but they all got unqualified audit opinions from auditors in the financial year just before they collapsed. Auditors have a track record of giving unqualified opinion to struggling companies. They did the same to companies that collapsed such as Enron and WorldCom.

Regulation of accounting is crucial for all companies but it is especially so for the larger companies, which have a significant role to play in the national economy. Failures by large companies can have significant consequences to national economies and also social costs to people who lose jobs when companies fail

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