I had a chance discussion yesterday which prompted me to reflect on the issue of professional standards. From the bankers who were involved in less than ethical situations to sports figures taking steroids, it seems the media is full of stories about people not living up to basic standards of professionalism. Here are some examples:
- The cleaning person who doesn’t correctly sanitize a public restroom puts the people using that restroom at risk.
- The contractor who does shoddy work and covers their mistakes. Anyone who watches the TV show “Holmes on Homes” can relate.
- The accounting firm who ignores professional standards by involving themselves in illegal schemes of their client. When it happens large-scale, the overseers (AICPA) have to enact rules that adversely affect the good accounting firms.
- Professional firms taking part in political pay to play schemes. This seems to be the standard in Washington.
- The insurance agent who sells a customer sub-standard auto insurance just to get business.
In all of these cases, the individuals likely know where the line is drawn, yet they frequently cross that line.
There are many cases to the contrary as well, although they generally don’t get media coverage. Many of the people I know seem to fall into this category. I very much value these trust relationships:
- The insurance broker I deal with both personally and professionally has been in the business most of his life. I trust him inherently and completely. He earned that over time.
- The used car dealer I deal with exclusively has been in business over 30 years and he doesn’t advertise. He does not compromise anything and has earned my trust. The few dollars more I may pay for a vehicle is well worth it.
- The contractor who works on my house never cuts corners; he goes above and beyond.
- The accounting firm I deal with professionally is a true independent auditor and upholds a high standard. They’ve done so for almost 25 years even before it was statutory.
The best way to promote professional standards is to demand it as a minimum price of admission. I’ve found that doing so uncovers people who also perform the work well beyond expectation. In my view, although there are situations where compromise is necessary, we shouldn't compromise professional standards. If we hold professional standards as foundational, maybe the abundance of rules and regulations we have could prove to be unnecessary.
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