Why does the accounting profession need governing bodies? Which accounting governing body is the most important? Explain your answer.

I will answer your 2nd question first - I know that CPA's must pass a rigid exam much like that that's required by attorney's such as the Bar exam and I think I am correct on the, as you state, "the governing body" - it's the American Sociiety of Certified Public Accountants. Reason they are needed is that CPA's perfom services that the public relies on such as financial stmts, i.e. balance sheets, income statements, pro forma financial statements that predict into the future what a new companies finaincail stmts will look like later. These statements are relied on by the various stock exchanges both here in the US and, in some cases, the exchanges of foreign countries. Such stmts are also relied on by banks to make credit decisions, by a company wanting invest in or perhaps purchase a company, by surety companies when granting surety credit for buiding contractors, etc, etc. There may be, and I am sure there is, a "governing body" for Public Accountants but I honestly do not know the name or names of such bodies. But when it comes to CPA's, it's my opinion that the American Society of CPA's is perhaps the most important one.