From the PREFACE TO THE AMERICAN EDITION.
It cannot be expected that any hard and fast rules will ever prevail, nor is it desirable that the personal element in an audit should be superseded by instruction prepared in advance, but it must be admitted that the experiences of one professional Auditor are of great value to others. It is the object of this work, therefore, to state as concisely as possible, the results of Mr. Dicksees experience supplemented by suggestions from leading English and American accountants, and it is believed that some portion of this book, at least, will be found valuable to every American practitioner and student.
Much of the matter herein contained is taken verbatim from Mr. Dicksees English edition, which for many years has been the standard work on Auditing both in Great Britain and America. The principal changes, therefore, are those which are caused by the numerous differences existing between accountancy nomenclature, laws and customs of Great Britain and the United States.
The interchange of thought which has followed the various meetings of the English Societies, and which has been of great value to the profession at large, had no counterpart in the United States until the holding in September, 194, of the Congress of Accountants at St. Louis. Discussion of the papers read on various accountancy topics did much to emphasize the importance of a better understanding among accountants, particularly along the lines of uniform methods of preparing and stating accounts. These suggestions covered not only municipal and public service corporation accounts, but embraced general methods as well.
We find ourselves, therefore, at the very threshold of what may be called a new era in the profession in the United States, and we are fortunate in having the benefit of the best English practice as a guide to our broadened field. We must recognize, however, the wide differences between our laws and customs, and, while the essential principles underlying all properly conducted audits are the same, yet it may be found hereafter that more radical modifications in Mr. Dicksees text will be in order.
References made herein to American customs are based on my general practice and observations covering a number of years, but no claim is made, of course, that the field has been sufficiently covered to warrant the statement that the last word has been said on any subject of which mention is made. On the contrary, it can only be hoped that the necessity for a somewhat better understanding as to good practice than has heretofore existed will be recognized....