Final answer:
The accountants’ fundamental obligation to protect public interest leads to a focus on increased accountability and transparency, as exemplified by the Sarbanes-Oxley Act passed in response to accounting scandals to protect investors.
Step-by-step explanation:
The fundamental obligation of accountants to protect the public interest motivates the improvement of accountability and transparency in the financial system. This principle has been underscored by a range of events and regulatory responses, most notably the enactment of the Sarbanes-Oxley Act in 2002, which was a direct response to major accounting scandals involving companies like Enron and WorldCom. The Act was designed to increase confidence in financial information provided by public corporations and to protect investors from accounting fraud, thereby aligning with the accountant's duty to serve the public interest effectively.