The accounting profession and modern slavery regulation through the lens of altruism, egoism and legitimacy

Purpose There is ongoing debate over whether the accounting profession should address social issues such as modern slavery. Some argue that accounting has a responsibility to uphold social values, while others contend that such a responsibility is beyond its scope. Against this backdrop, this study examines the role of the accounting profession in addressing modern slavery. Design/methodology/approach We analyse the submissions made by New Zealand and Australian Big4 accounting firms and professional accounting bodies to the consultation processes for modern slavery legislation conducted between 2017 and 2023. Findings We find that the accounting profession, reflecting altruistic motives, supports the legislation for modern slavery and recommends that regulation focuses on fostering societal values and collaboration with Indigenous people. The profession also recommends that businesses should implement ethical labour practices and provide high-quality disclosures beyond basic compliance. By doing so, the accounting profession expects to maintain moral and cognitive legitimacy. However, speaking on behalf of clients, the profession acts with self-interest. This reflects an egoistic motive, which helps sustain pragmatic legitimacy. Originality/value Our study presents a framework that explains how the accounting profession’s involvement in modern slavery is motivated by both altruistic and egoistic-driven legitimacy-seeking behaviour.