Word: audits
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Dates: during 1970-1979
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...absurd for Harvard Delivery to plan to leave the question of reimbursing subscribers to the results of a year-end audit. Unless it plans to declare bankruptcy, the service should move immediately to rebate students the full cost of undelivered papers...
...much more vigorous probes into company books by such agencies as the SEC, the Justice Department and the IRS. Company records relating to possible bribery would be much easier to obtain. Accountants might well be prompted to be much more inquisitive about overseas payments by companies they audit and to report any evidence of bribery. They seem to have been singularly incurious about the foreign accounts of some companies that were later found to have made payoffs; they would have an incentive to look harder if they knew they might be accused of helping the company to conceal a crime...
...methods of concealing payoffs can go undetected for a long time. A foreign subsidiary of Burroughs Corp., the Detroit-based computer company, tacked payoffs onto sales prices and distributed some $2 million through the use of fictitious invoices. Burroughs headquarters found out about the payoffs after a Price Waterhouse audit that company chiefs ordered last year. The company will not say what officials or countries were involved. In their annual report, Burroughs officials allude to the payoffs and say that the company is taking "vigorous steps to reinforce its longstanding policy against such actions...
...month-old delivery service, which has yet to perform an audit of its books, Gaither said, also does not know whether it will be financially able to refund money to all angry subscribers--some of whom this week said they missed up to four Sunday and ten daily newspapers last term...
Peat, Marwick not only volunteered to subject itself to the first review but insisted that the findings be made public. Partner Hanson cautions that Young's scrutiny of his firm technically was not an audit; Young studied only how Peat, Marwick peruses its clients' books, not how it keeps its own. Nonetheless, Hanson believes the study shows the profession is determined to regulate itself before the Government does so. Whatever happens, he says, Peat, Marwick intends to submit itself again to judgment by its peers every two or three years...