Word: audits
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Dates: during 1930-1939
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Four years ago Ultramares Corp. of London, on the strength of the financial statement of Fred Stern & Co., Inc. of Manhattan, loaned Fred Stern & Co. money. Fred Stern & Co. soon went bankrupt. It was learned that the audit had been faulty. The audit had been made by Touche, Niven & Co. Ultramares Corp. brought a $203,000 suit against Touche, Niven & Co. All accountants have watched the case closely, thinking it would establish a precedent in the question of what responsibility auditors must shoulder...
Ordinarily, 50-year licenses are issued to hydroelectric plants provided that the Government audits the power company's investment so as to have data for rate-regulation and for an option of buying the plant when the license expires. Last July the old Power Commission (consisting of three Cabinet members) asked Attorney General Mitchell if it would be legal to issue to Appalachian Power Co. a special, permanent "minor part'' license omitting the Federal audit,* for its plant at New River, Va. The Attorney General forthwith declared the special license valid for plants not on navigable streams...
...this amount be struck out, including such promotion items as $144 for neckties, $4,000 for cigars and dinners. The Clarion company was furious. Seizing upon the Attorney General's New River decision as precedent, it applied for an injunction to prevent the Federal audit at Piney from going into the records as true...
...Minor part" licenses are issued for parts of plants to be constructed on navigable streams, when the audit will not be made until the whole project is completed...
...writer is asking that TIME do the Pittsburgh Courier the justice of publishing its correct circulation, because for years we have had our circulation audited every year and it is not necessary for anyone to guess at our circulation. We are enclosing you herewith a photostat copy of our last audit, and we are asking that you do us the favor to correct our circulation inasmuch as the figures given by you (TIME, Oct. 27), if seen by our advertisers, will subject us to rebate...