Truth and the Evolution of the Professions: A Comparative Study of “Truth in Advertising” and “True and Fair” Financial Statements in North America during the Progressive Era
Restricted accessResearch articleFirst published online June, 2000
Truth and the Evolution of the Professions: A Comparative Study of “Truth in Advertising” and “True and Fair” Financial Statements in North America during the Progressive Era
Both advertisers and auditors wrestled with the truth of their text during the Progressive Era (1880-1940). Although in North America, advertisers adopted “truth in advertising” as a theme, auditors rejected “true and fair” as a description of financial statements. Auditors instead adopted the weaker statement that financial statements were “consistent with accepted accounting principles.” It is paradoxical that auditors compared with advertisers made the greatest progress toward professionalization during this era. This article documents debates about the concept of “truth” in each profession during the Progressive Era and examines the professional and legal consequences of each profession’s engagement with truth.
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