By happiness it is intended pleasure, and the absence of pain; by unhappiness, pain and the privation of pleasure." (Philosophical Classics, 2010. P.946). This approach has been experienced a lot within the accounting fraternity. The actions of the accountant can be weighed to be right or wrong depending on the amount of pleasure they bring or otherwise. This approach helps in the quest for pleasure and the well being of each member of the community.

The utilitarian theory therefore is a pointer that the qualifications that are to be met or instituted within the accounting field by the AICPA are or should aim at being for the good of the clients and the firms as well as the practitioners for the eventual good of the accounting fraternity.

Bearing the sensitivity of the accounting field, the proneness to malpractice and the various abuses...

My take is that once the rules are followed to the letter, there will be certainty of security for each party involved in the industry and there will be checks against unfair practices which malicious individuals who do not care about the happiness of the other person, may want to commit to their own joy.
References

Catherine Rainbow (2002), Descriptions of Ethical Theories and Principles. Retrieved August 29, 2012 from http://www.bio.davidson.edu/people/kabernd/indep/carainbow/Theories.htm

Philosophical Classics. (2010). Utilitarianism and Morality essays. Retrieved August 29, 2012 from http://www.*****/viewpaper/27298.html