People and Business: Profit is good

THE DEATH of accountancy was declared last week in the home of the profession itself - the Institute of Chartered Accountants in Moorgate, London.

The occasion was the launch of the "Association of Profit Advisers". Mark Lloydbottom, chief executive of the association, declared: "Traditional accountancy services are seen as parasitic, taking advantage of statutory auditing and accounting requirements without adding any value."

"Parasitic"? Surely the accountants wouldn't stand for that. In the event the bean counters lapped it up. Nick Hamilton, former chairman of the London Society of Chartered Accountants and partner in medium size firm Hereward Philips, welcomed the new association and added: "Profit used to be a dirty word".