The Guardian. The writer is discussing accountancy in the UK, but the same thing applies here:
The deepening financial crisis is indicative of the crisis of democracy. Corporate elites have hijacked too many public policymaking arenas and show no shame, or remorse for legitimising poor practices. Even worse, as the recent House of Commons Treasury Committee
hearing on the role of accounting in the banking crisis shows, they are not being called to account. It is salutary to look at how the elites disarm legislators and journalists to advance their interests.
The global rules, or accounting standards, for company financial statements are made by the International Accounting Standards Board (IASB), a private organisation financed and dominated by corporate elites. The UK’s accounting regulator, the Financial Reporting Council (FRC), is also dominated by corporate elites. It appeases its controllers by adopting international accounting standards drafted by the IASB, but without ever explaining the social and economic consequences of its acquiescence.