Fall 2015 Issue of Horizons

CHAIRMAN'S CORNER

Is Public Accounting an Industry Or a Profession? by Jim Castellano, CPA,CGMA

I must admit to a bit of irritation every time I hear someone refer to the “accounting industry.” Okay, maybe I am overly sensitive. Most people would not know the distinction. But there is a distinction and it is quite significant. What is a profession after all? A profession is a discipline that is based upon professional education, a system of self regulation based on a code of professional ethics and subject to governmental review and licensure.

The principles require CPAs to:

Perform all professional responsibilities with the highest sense of integrity ∙ Maintain objectivity and be free of conflicts of interest ∙ Strive continually to improve competence and the quality of services, among other things

Jim Castellano, CPA, CGMA Chairman

The enforceable rules of conduct include independence, integrity and objectivity, confidential client information and general standards of behavior. “A distinguishing mark of a profession is acceptance of its responsibility to the public,” according to the AICPA Code of Conduct. The code defines public interest as “…the collective well being of the community of people and institutions that the profession serves.”

It is this responsibility for public service that distinguishes the public accounting profession from an industry.

To become a certified public accountant in most states, one must have a baccalaureate degree with a minimum of 150 semester hours, pass a rigorous national examination and meet prescribed experience requirements. Once a CPA, the professional must adhere to requirements for continuing professional education and maintain strict compliance with the AICPA Code of Conduct. Members of the American Institute of CPAs, the national professional organization for all CPAs in the United States, are subject to the AICPA Code of Conduct. Compliance with both the principles and the rules of the Code of Conduct is required.

Our mission at RubinBrown is to “help clients build and protect value, while at all times honoring our responsibility to serve the public interest.” This is why we exist as an organization. Serving an essential role in society, we are, indeed, a profession.

Jim Castellano is Chairman of the Board of RubinBrown LLP. He joined RubinBrown in 1973 and has served at the helm since 1989. Jim’s influence extends beyond the firm to the accounting profession as a whole. In addition to his leadership role at RubinBrown, he also serves as Chairman of Baker Tilly International, the world’s eighth largest network of independent accounting firms.

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