Business approach to an audit;

              the business;
by Duane W. Fuller
San Francisco
EACH OF us is responsible for performing his services efficiently. I
believe that by constantly rechallenging our approach to audits we
can reduce the inefficiency which results from seasonal variations in
auditing activities and can improve the quality of our services to
clients.
As our profession has developed, the variety of services offered has
constantly expanded and auditing techniques have been continuously
improved. Fifty years ago we were involved principally in record
keeping and checking of recorded transactions. Gradually we became
active in setting standards for financial reporting, providing tax
services, assisting with reports to the SEC and other governmental
agencies, and advising clients regarding major business decisions. Dur­ing
the same period auditing techniques evolved from a detailed and
mechanical checking of accounting records to today's more sophisti­cated
method of evaluating internal controls and forming conclusions
based on tests considered necessary as a result of these evaluations.
These trends (i.e., expansion of our consulting services and im­provements
in auditing techniques) will continue. Indeed, as a firm
we seem to have little choice regarding the expansion of consulting
2 THE QUARTERLY