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In 1573, Phillip II, the ruler of the Spanish Empire, appointed Juan de Ovando to...

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Accounting

In 1573, Phillip II, the ruler of the Spanish Empire, appointed Juan de Ovando to oversee a new Council of Finance and implement reforms to avoid bankruptcy. Ovando was successful to a certain extent but failed to convince Phillip to modernize and centralize the financial administration in the Spanish government. This was due, in large part, to Phillips admission that double-entry is a very threatening tool. He knew that whoever mastered his books would have, in some ways, more power than he did. What was meant by the statement in quotes? How is that relevant today?

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