Word: auditing
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Dates: during 1930-1939
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...conditions but because of dishonesty," cried Deputy Arthur Endeberg. "Sweden's business reputation will be ruined-unless we retrieve it by honesty, complete honesty!" Among English investors, according to WTylie King of the London Financial Times: "Feeling runs high against the neglect of responsible houses that omitted independent audit of the Kreuger companies. This is in line with certain irresponsibility regarding the flotation of many foreign loans since...
When in 1928 the famed Boston-born firm of Lee, Higginson prepared to issue millions of Kreuger securities to U. S. investors, it naturally demanded an audit of the Kreuger business. It was persuaded by Ivar Kreuger?one of the most charmingly persuasive men who ever lived ?that it was not necessary for a U. S. firm to audit his vast affairs. He had not only one but three great Swedish firms of auditors which over a period of years and throughout the civilized world had learned how to keep track of the globe-girdling assets and liabilities...
...Scripps-Howard, all Manhattan publishers began to scramble for pieces of the late World circulation (TIME, March 9 et seq.). Last week suggestions of who got what pieces of the World pic were found in publishers' statements for the first six-month period since the change, compared with Audit Bureau of Circulations figures for the same period (April-October) of last year. If the World pie had been the only source of increased circulation for other papers since last year, the slices went like this...
This might have gone on forever had not one of Wolf's brokers become suspicious of the vast amount of collateral at the disposal of a modest bank clerk. The suspicion was laid before a vice president of Continental Illinois. An audit of Wolf's accounts was made while he was on vacation. The audit disclosed nothing amiss. But in his $75-a-month home in River Forest Wolf heard of the audit and thought his game was up. He asked the vice president, an old, personal friend, to call at his house that evening...
Last week the Court of Appeals in Manhattan reversed a lower court's decision that Touche, Niven & Co. are liable for an employe's negligence. However, the Court held that if the audit said the figures were true, the accountants are guilty of deceit regardless of intent. Other accountants breathed more easily, realizing they could continue to protect themselves in audits by such buffers as "We believe." . . . "In our opinion...