The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-07-22
EXPERT ACCOUNTANTS
what They Are For and How They
Should BE Used.

Should BE Used.
1t is fortunate for the public that
the really trustworthy chartered ac-
eountants of this country do their
work with great thoroughness, skill
and honesty. In New York they
daily are engaged in inspections that
show no flaw and the same may be
said of the best of them in other Cit
les. However, confidence in the pick
of the profession does not altogether
dispel fears of those who are dis
credit to 1t. The conscientious account
! ant will be the first to indorse the plea
that all the men in his business should
be compelled by law to attend to their
contracts efficiently.
There has been no explanation to
show how it was possible for a clerk
to steal securities worth from 5000, 900
to 100000 from a New York banking
institution d short time ago The
Question doubtless occurred to every
body who heard of this robbery, one
of the most daring and remarkable
crimes of recent years. Yet no one
comes forward with an answer from
Wall street, where there must be
many bankers and accountants able
to settle the curiousity Of the ignorant
,aough rightfully Interested PUBLIC
A flaw, a vital fault. EXISTS some
where in the system that permits such
a theft. That much is certain.
This fault Is either the lack of what
are called ADULTS" or in the laxity Of
those audtts which are the inspec-
tions of hooks and records made For
the banks by expert Accountants,
either firms or individuals. 1t Is an
undeniable fact--the authority for this
assertion Is skilled accountant for
years employed by firm Of national
reputatlon-that no theft of bonds or
securities is possible without speedy
detection if the audits are properly
conducted. No bank or trust COM
pony e"l y Nios'', y ~ ~ ine'io os
so long as careful expert accountants
regularly and adequately audit the
books The thing is utterly absurd
from the accountants point of view.
Whether the trust company that
was robbed engaged experts to make
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