Abstract

The UK accountancy industry has traded upon its professional status as a means of expanding and legitimating its activities. Extensive appeals are made to ethical codes and disciplinary arrangements as part of its claim to professional status. This study examines some recent events relating to audit failures and alleged unprofessional conduct by accountancy firms and their partners in the UK with a view to assessing the validity of the claims to professional status. It concludes that the rhetoric of the claims is belied by the failure/inability of the professional accountancy bodies to take effective action against the offending firms or their partners.