ABSTRACT
Sociologists define a profession as an occupation whose practitioners must master a specialized body of knowledge, satisfy formalized admission requirements, adhere to a code of ethics, and serve the public. Public service distinguishes a profession from a business. Society grants professionals the exclusive right to perform certain services. The founders of the American public accounting profession readily acknowledged their obligation to serve the public. Early public accountants announced their services by distributing handbills and purchasing advertisements in city directories. Other professional associations, such as those representing doctors, lawyers and optometrists, also banned advertising by their members. Rule 502 of the American Institute of Certified Public Accountants (AICPA) Code prohibited not only advertising but also “direct solicitation,” defined as uninvited in-person visits, conversations or telephone calls to a potential client. After the AICPA rescinded its ban on competitive bidding in 1972, many large corporations adopted the practice of soliciting bids from several accounting firms before appointing an auditor.
