2HISTORICAL DEVELOPMENT OF THE CODE OF ETHICS OF THE US PUBLIC ACCOUNTING PROFESSION
Introduction
This chapter discusses the historical development of the code of ethics of the US public accounting profession and argues that the primary purpose of such a code has been to regulate accounting practice rather than to enhance the ethical behavior of accounting professionals. The changes that have been made to the code of ethics over a period of many years have been prompted primarily by changes in the market for accounting services, to which professional accountants have responded out of economic interest. Extending Preston et al. (1995) and Beets (1999, 305), we contend that the changes to the code of ethics have been caused ...
