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(n33) "[T]he vast majority of contemporary reforms did not advocate, and most of them specifically opposed, a direct federal intervention in or regulation of the financial affairs of corporations." Id. However, there was a minority view that favored governmental audits, a view expressly rejected by the Congress. Id. at 191 n.4.

(n34) Id. at 132.

(n35) Id. at 135-36.

(n36) Elijah Watt Sells, a leading accounting practitioner at the turn of the century stated that, "it is an unassailable truth that any one of the men who stand at the heart of our great business institutions is far more competent to run the government, and would run it more economically, more wisely, and more honestly than any of those who are in the business of running government." Id. at 137 (quoting ELIJAH SELLS, CORPORATE MANAGEMENT COMPARED WITH GOVERNMENT CONTROL (1908)). Sells's pamphlet was commended by Oliver Wendell Holmes. Id.

(n37) See id. at 131 for a short description of "The Progressive Movement." The authors point out that the movement "did not articulate a single unified philosophy nor did all progressives embrace a single common cause. There were in fact several progressive movements which are often combined and described as `the quest for social justice.'" The movement called for an active governmental role in defining social goals but stopped short of calling for operational control of business. Id.

(n38) Id. at 136-37.

(n39) See id. at 139-42 for the history of the early influential state societies of New York, Pennsylvania, and Illinois.

(n40) Id. at 142-56.

(n41) According to Previts and Merino, World War I was a watershed event which brought "a widespread belief that business had reformed and that no external regulation was necessary, [and that] the accountants, role changed dramatically from protector of third parties to conserver of the interests of business, a change that did not have salutary effects on the development of the profession." Id. at 197.

(n42) Id. at 201.

(n43) CPAs not only donned the mantle of "infallible advisor to the client," during this period, they could actively represent those clients on tax matters in court. Id.

(n44) Id. at 202.

(n45) Id.


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