Accountancy is a critical component of the infrastructure for a market economy. No economically sound activity would be possible without accountancy. Beyond the information it provides on the financial position and profitability of operations, it is the foundation of countries' fiscal systems and it plays a key role in corporate governance.
Accountancy is relied on when enforcing prudential management requirements for banks, insurance companies, securities dealers, and other market participants. As a result, the accountancy sector is among the most regulated in the world's advanced economies in terms of its liabilities towards to the society. Appropriate accountancy can ensure accountability for finances, fairness, and performances and prescribe way to guarantee good governance by institutionalising a powerful accountability structure that holds every public and private sector official answerable for his or her actions as public or corporate official.
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