This broad analysis of public accountancy examines the historical evolution of the discipline, arguing that it is both a business and a public service, and therefore Subject to the tension between the two facets of its operation. This tension is widely apparent in today`s climate of corporate accounting scandals, as corporate executives are handcuffed and accounting firms are implicated in their financial mismanagement. The authors pose the question Are public accountants simply profit-driven, self-serving window dressing for greedy multinational corporations, or is the profession doing the best it can in the face of difficult circumstances, trying to uncover monetary truth?