| The accounting and auditing profession can benefit from adopting the effective philosophy and approach of the aircraft maintenance profession towards preventing "accidents." Rather than focus on identifying mistakes and assigning blame after the fact, the aircraft maintenance profession assumes ex ante that equipment will decay over time. Aircraft are therefore systematically checked and refurbished over time, with the frequency depending on sensitivity to wear and tear. This proactive approach can be applied towards accounting and auditing. This requires recognition that the human element in an accounting system needs to be refurbished periodically. While people generally gain proficiency and expertise over time, they also experience decay as a result of changes in the environment, boredom, complacency, or a sense of entitlement. Leaders in management and auditing have a duty to proactively "check" their staff and "overhaul" their ethical and professional judgment skills as needed. The accounting profession has the potential to raise its ambitions from a timid goal of reasonable assurance to a stretch goal of zero accidents. |
Updated 02/21/2015