Abstract:
The accounting profession has drawn and continues to draw
criticisms from the downsides of paternalism based on libertarian economic
views and the false assumption of the ability of people to make rational choices
that are in their best interest. The modest goal of this paper is to call for a
rethink in views on the paternalistic characterisation of the accounting
profession. We argue that the accounting professional possesses specialised
skill, expertise, and training for which he/she is hired by the client. Second, we
assert that a prerequisite for understanding and use of accounting information is
‘reasonable knowledge of business and commerce’. The justifications for the
paternalistic orientation of the accounting profession are overwhelmingly
persuasive. The paper therefore asserts that the proto-paternalistic posture of
the accounting profession is an ineluctable phenomenon. Contemporary
demands for reporting complex transactions and the incessant calls for stringent
oversight of accounting practice make paternalism compelling.
