The board of directors of the National Association of Manufacturers stated that adoption of individual codes of good business conduct by member companies represents more practical and viable approach to business ethics than any attempt by NAM President E. Douglas Kenna to write, monitor, and enforce a code of ethics for American business generally. Regulation is a phenomenon that has happened over and over again, not only to business but also to other groups. When public becomes dissatisfied with the performance of any sector of society, it pushes government into action because private efforts were too little and too late. Even Congress has ruled on specific accounting principles in connection with Lifo inventories and accounting for the investment tax credit. This complex environment of accounting regulation leaves the private sector body in precarious position. As rules proliferate, the role of the independent accounting firm is changing from advocate of preferable accounting methods selected from among several available.