Explain, using accounting as an example, what ‘the public interest’ means

Public Interest

Public interest is the collective wellbeing of the community of people and institutions that the professional accountant serves, including the business and financial community and others who rely on the work of professional accountants.

Trust

Trust is a key issue in terms of the public interest as it relates to accountants. The working of capital market depends upon reliable financial information, as does business decision-making affecting jobs and supply. The public has to be able to believe that accountants’ opinions are given on a basis of sufficient work and that they are unaffected by external pressures.

Audit and Assurance

Accountants who provide audit or assurance services must be able to demonstrate clearly their detachment from the client. They cannot do this If they are providing other services to the client.