A Look Back at the Future of the Accounting Profession

Abstract

The past has often offered a unique vantage point from which to view the future. In a speech given at the First Annual Accountants' Day at Texas Christian University, Stettler (1968) discussed anticipated changes in professional auditing practice and in the accountant who would provide these services. Stettler (1968) commented that the profession was often criticized for its 'crawfish' or backward-looking approach to facing and responding to changing economic and social climates. In light of such criticism, Stettler (1968) made several predictions regarding the state of the profession in the year 2000. The purpose of the paper is to reflect on his predictions and to examine why some expectations have been met; while others have not. Stettler's predictions were an effort to look at what lay ahead for the profession. Each prediction was grounded in the history of the profession and the recognition that certain events were destined to impact both the accounting professional and the services he provided. Due to recent events in the business and regulatory climates, the profession is once again faced with reexamining its role in the community and preserving the integrity of the capital markets. Within this context, Stettler's predictions can serve to guide and facilitate needed discussion. Such discussion is crucial to the viability of the profession and necessary to generate conversation among all stakeholders - practitioners, clients, regulators, educators, students and the society at large - to insure the profession remains responsive to their collective needs.