The Accountant Volume 25

The Accountant Volume 25

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...this important subject, and it is therefore unnecessary for us to repeat our views at the present time; but we may add in this connection that the custom seems to us to be undesirable in the interests of the public, because the safeguard the latter are disposed to think is afforded them by seeing the name of a first-class firm of accountants upon the prospectus is, to a large extent, illusory, in the sense that, however careful a firm may be as to giving permission for the use of their name, they necessarily cannot always guard against being associated with a comparative failure. In the second place, we think the impression is to be deprecated; because, if it means anything at all, it implies that the firm who have allowed themselves to be put forward as auditors will take care that the shareholders are not unfairly dealt with. This is an implied promise which the firm in question is absolutely incapable of performing in the only cases where performance would be called for; first, because the inclusion of an accountant's name upon a prospectus does not ipso facto appoint him auditor of a company; and, secondly, because (even if his appointment be confirmed) the present power of an auditor to protect shareholders against imprudent or dishonest directors is, to say the least of it, not great. An auditor can in most cases ensure that misleading accounts are not placed before the shareholders without his having drawn attention to the fact; but this, in itself, is not a very large contribution towards ensuring the success of the shareholders' investment. We should be the last to, in any way, attempt to minimise the importance of the duties and responsibilities of accountants, either as auditors or in any other connection; but we question the...show more

Product details

  • Paperback
  • 189 x 246 x 59mm | 2,059g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236831667
  • 9781236831668