The public interest can be defined as that which supports the good of society as a whole (as opposed to what serves the interests of individual members of society or of specific sectional interest groups).
For an accountant, acting in the public interest is acting for the collective well-being of the community of people and institutions that it serves.
The public interest can be defined as that which supports the good of society as a whole (as opposed to what serves the interests of individual members of society or of specific sectional interest groups).
– For an accountant, acting in the public interest is acting for the collective well-being of the community of people and institutions that it serves.
– Public interest concerns the overall welfare of society as well as the sectional interest of the shareholders in a particular company. It is generally assumed, for example, that all professional actions, whether by medical, legal or accounting professionals, should be for the greater good rather than for sectional interest.
– Accounting has a large potential impact and so the public interest ‘test’ is important. In auditing and assurance, for example, the working of capital markets – and hence the value of tax revenues, pensions and investment – rests upon accountants’ behaviour.
– In management accounting and financial management, the stability of business organisations – and hence the security of jobs and the supply of important products – also depends on the professional behaviour of accountants.
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