The expansion of CPA services has, in fact, made audits a commodity. While the public may be enjoying cost savings. I believe the public is receiving reduced quality and less protection despite the profession's protestations to the contrary. I am personally aware of two civil suits that have come about as a result of this business risk attitude. I believe that non-CPA ownership would not only encourage ftirther proliferation by minimizing the importance of the attest function, but would also encourage more auditors to take business risks.
Independence is the cornerstone of the CPA profession.
The ethics of the profession require that there be independence both in appearance and in fact. It provides the public with confidence that CPAs will be objective. The SEC clearly recognizes the threat of expanded services. Complex structures and unenforceable rules will most Uely lead to an environment that encourages disregard for laws and regulations. The second article, The Case Against Non-CPA Ownership in CPA Firms, was published in 1993.