According to the Institute of Chartered Accountants in
England and Wales (ICAEW), the phrase “in the public interest” is used by many to
justify a wide range of actions and proposals. It is often unclear what it
means and there can be a natural suspicion that it may be used as a
smokescreen to garner support for something that is actually in the advocate’s
own interests. From a broad perspective, the ICAEW suggests that a
definition would serve no useful purpose because circumstances vary widely and a definition would inevitably result in unintended consequences.
Instead, the ICAEW proposes, in the summary report Acting in the public interest: a framework for analysis that there be a framework of matters to consider when justifying an action as being in the public interest. That framework is presented in graphic form below.
The report starts by considering the issues surrounding the
use and application of the concept, and how the concept has developed,
including its use by professions. It then goes on to consider the key issues
that would arise in each element of the framework. The elements, together with
some of the key aspects and questions are also discussed. For more information, read the Full
Report (81 pages) and visit the ICAEW website section on The Public Interest.
