Word: auditing
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Dates: during 1900-1909
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SEMINARY OF ECONOMICS. The Capitalization of Corporations. Mr. Thomas L. Greene, Vive-President of the Audit Company of New York. University...
Professor Hart's statement that the audit of the Co-operative Society's accounts was established by a student director, backed up by members of the Society, neither refutes nor weakens the contention that the Society has suffered from "unintelligent interference in matters of detail at the hands of the Board of Directors." The question of an audit, like the question of the publication of a detailed annual statement, is a question of public policy, not a question of administrative detail. The present Board of Directors heartily endorses the statement that the members at large can aid the management...
...Directors who introduced the audit were elected at a meeting attended by less than thirty members. They had made no general appeal to the Society at large. It so happened that they stood for an admirable reform; but the Society has no assurance that they might not have been elected had they represented a less desirable policy. In other words, given the wide-spread and habitual apathy which characterizes the members of the Society, the power of the members to elect officers and thus determine directly the policy of the Society, tends to defeat government by public opinion, it does...
...last annual meeting the Directors distributed a detailed printed statement of the Society's business; they announced at the same time that they proposed to make future statements even more detailed, should that be practicable. They announced also that they proposed to extend the audit so that it should not only afford protection against fraud or carelessness, but should also tell whether the management was growing more or less costly; what was the margin between the price at which the Society bought and the price at which it sold; and how that margin was divided between expenses and dividends...
...danger of collapse, both times because of lack of good business management by the Superintendent. The first time, the Society was carried through by the personal credit of the then president; in the second case, the directors practically refused to take the business-like precaution of a proper audit of the books, until they were compelled to do so by the insistence of a student director, backed up by members of the Society, who absolutely insisted that an investigation be made. The audit showed such loose methods of business that a change of management immediately followed. Here is a specific...