Accounting has become a compliance machine. In the early 2000’s, the Enron fallout was still fresh. Accounting programs everywhere were reshaped by the ripple effects of that scandal and the introduction of Sarbanes-Oxley (SOX).
The message was loud and clear: never again.
In response, the profession doubled down on controls, testing, and documentation. We built layers of risk mitigation to ensure nothing slipped through. And in doing so, we built a generation of accountants who were taught that the primary job of the profession was to protect the system.
That mindset carried into the firms. New grads were trained to follow standardized procedures, complete detailed workpapers, and document every decision in triplicate. Quality and consistency became the mantra.
And to be fair, that’s not a bad thing. We need rigour and quality in financial reporting. But somewhere in that pursuit of control, the pendulum swung too far.
The Shift From Understanding to Compliance
We stopped teaching accountants how to understand businesses, how they actually operate, make money, and grow. Instead, the focus turned inward: ensure compliance, reduce risk, check the box.
The result is that many young professionals today have spent years deep in audit files and testing procedures, but have had few opportunities to learn about business models, operational processes, or profit drivers. They know how to tie out every number, but not necessarily how those numbers connect to strategic decisions.
This isn’t because they lack potential or intelligence. It is because the system doesn’t reward curiosity anymore.
When substantive analytical procedures stopped reducing the level of testing required, we unintentionally removed one of the few tools that encouraged accountants to think critically.
Those analytical reviews, looking for relationships between accounts, spotting trends, or assessing reasonableness, were how many of us learned to see the forest through the trees.
Now, with compliance as the dominant priority, accountants are trained to focus on precision over perspective.
The Consequence: Technically Excellent, Commercially Disconnected
The profession is full of technically strong people who are disciplined, reliable, and meticulous. But too often, their day-to-day work keeps them at arm’s length from the businesses they are supposed to understand.
They are reconciling, testing, and documenting rather than interpreting, advising, and collaborating. They know the what, but not always the why.
That is a problem not just for accountants, but for the clients and businesses that depend on them. The real value of accounting has never been in ticking boxes; it is in translating numbers into insight.
When an accountant can look at financials and explain why margins shifted, where efficiency dropped, or how working capital can be freed up, that is when accounting becomes advisory. That is when it drives better business decisions.
Reclaiming Curiosity and Commercial Understanding
So how do we fix this?
We do not need to abandon compliance, but we do need to rebalance. Compliance should be the foundation, not the destination when it comes to private business owner support.
Firms and educators need to create space for curiosity again. Encourage young accountants to ask “Does this make sense?” rather than just “Does this tie out?”
Expose them to how businesses operate by sitting them in on management meetings, letting them map workflows, or having them work directly with clients to understand the context behind the numbers.
Because the accountants who thrive in the next decade will not just be the ones who can test and document. They will be the ones who can think, interpret, and communicate, who can bridge the gap between data and decision-making.
Less Ticking. More Thinking.
The accounting profession does not need to reinvent itself; it just needs to remember what made it meaningful in the first place.
Insight. Understanding. Curiosity.
The world does not need more box-tickers. It needs advisors who can translate financial complexity into clarity. That is where the next generation of value lies.