Page 1 |
Previous | 1 of 59 | Next |
|
This page
All
Subset
|
(Accounting Series Release No. 78) SECURITIES AND EXCHANGE COMMISSION Washington, D. C. March 25, 1957 In the Matter of TOUCHE, NIVEN, BAILEY & SMART, et al. (Pile No. 4-77) (Rule II(e) - Rules of Practice) FINDINGS AND OPINION OF THE COMMISSION ACCOUNTING - PRACTICE AND PROCEDURE Suspension of Privilege to Practice Before Commission — Lack of Independence by Accountant Failure to Comply with Accepted Accounting Practice In a proceeding under Rule II(e) of the Commission's Rules of Practice, where a firm of certified public accountants certified financial statements filed with the Commission which were materially misleading in that, among other things, the balance sheet understated reserves for uncollectible accounts, overstated current assets, and listed as due from customers material amounts which represented advances to subsidiaries, and the income statement made insufficient provision for losses on uncollectible accounts, and the firm and two partners who participated in the preparation and filing of the statements improperly relied upon unsupported representations of management with respect to these matters, held, the firm and the partners engaged in improper professional conduct and their privilege to practice before the Commission should be suspended for 15 days. APPEARANCES: Edmund H. Worthy, for the Office of the Chief Accountant of the Commission. Eustace Seligman, Howard T. Milman, Jerome Gotkin, Bruce A. Hecker, and Sullivan & Cromwell, for respondents.
Object Description
Title | In the matter of Touche, Niven, Bailey & Smart, et al. (File no. 4-77) (Rule II(e) - Rules of Practice) |
Author |
United States. Securities and Exchange Commission |
Subject |
Seaboard Commercial Corporation Auditors -- Professional ethics --Standards -- United States Touche, Niven, Bailey & Smart |
Office/Department |
Touche, Niven, Bailey & Smart |
Citation | Accounting Series Release No. 78 |
Date-Issued | 1957 |
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-78 |