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SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. October 30, 1952 ACCOUNTING SERIES RELEASE NO. 73 Findings and Opinion of the Commission In the Matter of Haskins & Sells and Andrew Stewart, file No. 4-66, (Rules of Practice— Rule 1 1 ( e ) ). PRACTICE AND PROCEDURE Disqualification of Accountant from Practice Before Commission Where repsondents, a firm of certified public accountants and a partner therein, certified financial statements in a registration statement found by the Commission to be materially inadequate and misleading in that, among other findings, the financial statements grossly overstated intangible assets as a result of the arbitrary use of the par and stated value of shares of stock issued to acquire the assets, including shares expected to be reacquired from promoters as a donation, and attributed to apparently potentially productive items material amounts which should have been shown as promotion services, held respondents have engaged in improper professional conduct making it appropriate to deny temporarily their privilege of appearing or practicing before the Commission. APPEARANCES : Manuel F. Cohen, for the Office of the Chief Accountant of the Commission. Robert P. Patterson, Boyle, Feller, Stone & McGivern, and Saul Levy, for respondents. These private proceedings were instituted under Rule I I (e) of our Rules of Practice to determine whether the privilege of appearing or practicing before us should be denied, temporarily or permanently, to Haskins & Sells, a firm of certified public accountants, and Andrew Stewart, a member of that firm.1 Hearings were held, and after a recommended decision by the hearing examiner was dispensed with upon respondents' motion, counsel for the Office of the Chief Accountant of the Commission and counsel for the respondents filed briefs and presented oral argument. On the basis of our examination of the record we make the following findings. 1 Rule II (e) reads as follows : "The Commission may disqualify, and deny, temporarily or permanently, the privilege of appearing or practicing before it in any way to any person who is found by the Commission after hearing in the matter "(1) not to possess the requisite qualifications to represent others ; or "(2) to be lacking in character or integrity or to have engaged in unethical or improper professional conduct." 229196—52 1
Object Description
Title | Findings and opinion of the Commission in the matter of Haskins & Sells and Andrew Stewart, file no. 4-166 (Rules of Practice -- Rule II (e)) |
Author | United States. Securities and Exchange Commission |
Subject |
Haskins & Sells Thomascolor, Inc. Auditors -- Professional ethics --Standards -- United States |
Office/Department |
Haskins & Sells |
Citation | Accounting Series Release No. 73 |
Date-Issued | 1952 |
Source | Originally published by: Securities and Exchange Commission |
Type | Text |
Format | PDF page image with OCR scanned at 400 dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi Library. Accounting Collection |
Date-Digitally Created | 2010 |
Language | eng |
Identifier | ASR-73 |