The confirmation letter said..'
by EDWARD C. DAVIS
DURING THE VISIT OF OUR REPRESENTATIVES to the branch accounting
office of X Credit Company for the regular June, 1960 semiannual
audit, and as a result of follow-up work under our confirmation
of receivables, Stephen Raftery uncovered an instance of fraud. The
culprit was a contractor who had financed a property improvement
plan loan with the New England branch of this company.
During our confirmation work a reply was received disclaiming any
account with the finance company. The customer stated, "There must
be some mistake. I have never had any dealings with X Credit Company,
and do not owe them any money." The reply was given to the
26 THE QUARTERLY