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HISTORY OF ACCOUNTANCY Growth in the number of accountants Accountancy has been the most rapidly growing profession in Britain over the past 100 years and Britain has had more accountants than other countries. The reason for this is that British companies raised capital via 'blind' investors on the Stock Exchange, whereas other countries used banks. This generated the need for professional auditors in Britain to check that the investors capital was being looked after. The Companies Act 1900 stated that all limited companies accounts had to be audited. Therefore as the number of companies grew in the 20th century so did the number of auditors, who were qualified accountants. Development of accounting societies The accountants formed themselves into societies to look after their interests and to keep up standards, and therefore their earning power, by excluding those who (a) could not afford the premium of e.g. £500 which was required to enter...

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