Accounting is one of several professions that serve very important functions within the economic system itself.
Even a staunch defender of free market economics such as Milton Friedman believes that markets can function effectively and efficiently only when certain rule-based conditions are met.
It is universally recognized that markets must function within the law and they must be free from fraud and deception.
Some argue that only government regulation can ensure that these rules will be followed.
Others argue that enforcement of these rules is the responsibility of important internal controls that exist within market-based economic systems.