Accountancy yesterday and today;

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VOL. X NEW YORK, NOVEMBER, 1927 No. 11
Accountancy Yesterday and Today
TWO decades ago a working knowledge
of accountancy was the possession of a
privileged few. Accountants were looked
upon as mathematical wizards. Not only
could some of them foot four columns of
figures simultaneously, but, no matter how
intricate the maze, the accountant was the
one who could solve the situation. Clients
would ask to have certain service performed
and accept the final results, without ques­tion,
or without knowing how it was done.
As one corporate official referred to the
public accountant whom he engaged an­nually,
"That man's sense of debit and
credit is simply marvelous." Accountants
were thought to have uncanny ability in
finding out what was wrong.
But things are different today. Ac­counting
knowledge is not restricted to
those who make accountancy their major
occupation. Bankers and company offi­cials
know something about the procedure
followed in making an audit. They know
the significance of what underlies the
different items in the statements. In
short, they are becoming increasingly
able to meet accountants on common
ground.
And this change has not been without
its effect upon the practice of accountancy.
No longer is the accountant's report ac­cepted
without question. Credit bankers
are critical in their attitude toward the
accountant's work. Officers of the various
corporations are no less so. When review­ing
reports with clients before the reports
finally are submitted, there is noted a
marked tendency on the part of clients to
discuss the content of the reports with an
understanding of the technical points in­volved.
One of the more recent demands made
upon the accountancy profession has been
the result of European financing, which has
assumed extensive proportions of late. To
prepare reports to meet the approval of an
exacting group of bankers, lawyers, en­gineers,
and corporate officials interested
in the financing is a task not to be taken
lightly.
Under the old regime it was not always
possible for a client to distinguish between
a piece of work well done and work of a
lesser grade. Today, with accounting
knowledge more widely distributed than
formerly, the maxim, "Every job a good
job," is, more so than ever, the essential
ingredient of a successful reputation.