ABSTRACTThe accounting profession has received very bad publicity in the media over the past decade, and with some justification. The forces at work were numerous and complex and different investigators place emphasis on a variety of phenomena that created the environment in which some accounting firms disappeared and the reputation of the entire profession was tarnished.  Current practices still pose further decline in professionalism with threats to further erode public trust in the profession. This paper attempts to identify the core of the problem. It also makes some suggestions on how the profession can prevent a recurrence of the embarrassments to the profession, and how educators may better prepare entrants to the profession.