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The Crisis in Public Accounting
And the Steps Needed to Reform the Profession
By: Richard H. Kravitz
Multinational corporations and their outside public accounting firms have undergone unparalleled change since the 1980s.
The largest economies of the world are no longer sovereign nations but multinational corporations. The Big Four public accounting firms are now the most highly concentrated financial services providers in the world. Tragically, public accounting firms, in their quest for global domination, have abandoned their historic obligation to serve the public interest and their inviolate responsibility to ensure trust in our public institutions by verifying the accuracy, financial integrity and legitimacy of their corporate client’s.
The Crisis in Public Accounting is a result of the many failures of the profession to detect, deter and prevent fraud. This was the hallmark of this great profession and the promise made to the public by the Father of Auditing in America in 1906 by Robert Montgomery.
About The Author
Richard H. Kravitz, CPA MBA is an award winning publisher and author, a member of the American Institute of CPAs, the American Bar Association and former member of the American College of Forensic Exa…
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When global corporations overshadow nations, trust collapses—discover how public accounting lost its mission, failed to stop fraud, and why restoring integrity matters more than ever.
