Word: auditing
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Dates: during 1950-1959
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...Bulova Watch Co. and Gruen Watch Co., in exchange for Swiss movements and parts, agreed to limit their U.S. manufacturing, import from no country except Switzerland, permit a cartel-hired accountant to audit their books...
Gradually, publishers realized that the practice of audited circulation would be as beneficial to them as to advertisers, and in 1914 the Audit Bureau of Circulations was launched to verify circulation claims on a basis of uniform standards. Membership was voluntary and consisted of publishers, advertisers and their agencies. The first year there were 612 members. This month, 40 years later, the roster of A.B.C. members is 3,554 (673 advertisers, 192 agencies and 2,689 publishers...
...When the audit is finished, the publication's total circulation is then posted in a detailed annual A.B.C. report, which not only shows the quantity of the circulation and its distribution, but also the methods used to get that circulation...
...Audit Bureau of Circulations has, in fact, become an indispensable factor in modern newspaper and magazine publishing. The late Senator and Publisher Arthur Capper of Kansas once described the A.B.C. this way: ". . . The only institution in America in which the producer and the consumer, the manufacturer and the customer, the seller and the buyer have voluntarily sat down together and have cooperated, harmoniously and with good feeling, in establishing standards of practice...
That description still stands as a good appraisal of the Audit Bureau of Circulations...