Excerpt from The Modern Balance Sheet: An Analysis of Company Finance
The pages that follow are intended to draw the attention of the shareholder to the grave defects which are to be found in the modern balance sheet. Under a system of accountancy, which has been allowed gradually to come into use, the statements of accounts, issued by the limited company, seldom convey to the public "a true and correct view" of the company's financial position.
It is submitted that the audit of the balance sheet - whatever reforms may be brought about by the provisions of the new Companies Act - has been hitherto little more than an idle formality in the majority of cases, and that the figures published by many companies, after inspection and certification by salaried chartered accountants, are without justification, and are calculated to mislead.
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