ACCOUNTANTS

Evening Post, Volume CX, Issue 50, 27 August 1925, Page 7

ACCOUNTANTS

A SUCCESSFUL YEAR

ANNUAL MEETING OF SOCIETY.

The sixteenth annual meeting of the Now Zealand Society of Accountants was held in Accountants' Chambers last evening, Mr. W. B. Best, the president, in the chair. The report stated that during the year. there were 67 admissions under section 23a of the Act, one under section 23c, 13 reinstatements under section 30 (4), and three under section 7c, a total of 84, making tha actual number of members, less gap 3 caused by death, resignations, and lapsed subscriptions, 1773, on increase of 13 for the year.

The number of public accountants amongst members was 570 (314 follows and 236 associates), and the number of registered accountants 1223 (374 fellows and 849 associates). The number of candidates sitting, passed, and failed in the annual examination was 841, comprised as follow.s, the percentage of passes being stated in parentheses : — Bookkeeping and accounts (stage 1), 721, 330, 391 (45.76); bookkeeping and accounts (stage 2), 512, 67, 445 (13.08) j auditing, 264, 128, 136 (48.48); economics, 660, 327, 333 (49.54); rights and duties of trustees, 326, 190, 136 (58.28); bankruptcy law, 389, 186, 203 (47.81); company law, 432, 198, 234 (45.83); mercantile law (stage 1), 677, 332, 345 (49.04); mercantile law (stage 2), 227, 98, 139 (43.17). Thirty-eight candidates completed the full course at this examination.

The examination for certificates of proficiency in bookkeeping, accounts, business organisation, and methods held in November, was sat for by 240 candidates, of whom 112 passed, or 46.66 per cent. For the Accountants' Preliminary Examination 484 candidates presented themselves, and o fth6se 242 succeeded in either completing the examination or gaining a sectional pass. For the Commercial Bookkeepers' Examination 681 candidates presented themselves, and of these 241 succeeded in gaming a complete pass, thereby becoming entitled "to registration as commercial bookkeepers. A Supplementary Examination was, aa usual, held during the month of March, at which 131 candidates presented themselves to complete their examinations. Of "these 27 were successful, thus bringing the total of successful candidates for the year up to 65, all of these being eligible for membership of the society. The report stated the grants made during the year to encourage accountancy education, and stressed the strong position of the benevolent fund. Libraries at all branches had been brought up to date. A surplus of £582 0s 7d was shown for the year, and the accumulated fund now stood at £4483 18s sd.

PRESIDENT'S ADDBESS.

The president, addressing the meeting, said the affairs of the society were running along smoothly, and it was satisfactory that the increasing membership was by young men qualifying by examination, 50 per cent, of members coming in this category. He urged younger members not to hurry entry to public practice, as the .time spent in employment was valuable, and thirty was young enough to commence practice. "Our examinations," he said, "have caused comment; I will try to show, that difficulties were not the fault of the council." Many candidates failed through insufficient preparation, as the examination was of a very searching nature, a standard to be maintained. Students did not devote time enough to study, and attempted to qualify _ too young. When the syllabus was designed it wa3 for a three-years' coarse. In these days of pleasure seeking students were loath to give time to securing the knowledge adeqnate for membership. This was to be regretted, and he feared that blame was attachable to the fact that in some instances the bait held out to students was high salaries rather than the true ideals of the profession. He stressed the satisfactory financial position of the society. Students' societies were doing valuable work. Arising out of the Convention, he emphasised the need for the protection of the word "accountant." Throwing open the doors again would be disastrous. He stressed the increasing preponderance of the membership of the society over other organisations, and it was now more desirable than ever that these bodies should go out of existence, and the whole of the profession be governed by the society. The time had at least come for a fusion, which he hoped would soon take place. The Companies Act, placed upon the Statute Book in 1908, needed redrafting, especially in such matters as affected auditing, and he thought it would be beneficial if the audit of limited liability companies' accounts were restricted to members of the society. Provision should also be made for the audit of liquidators' accounts. He alluded to the changing aspects of the profession and the importance of the auditor in the welfare of commerce.

Members having spoken in support of the Teport, and of the president's remarks, the report was adopted.

SUGGESTED MINIMUM FEE.

A Taranaki remit, "That the council be asked to prepare a minimum scale of fees, for use by practising members of the society, in terms of its regulation 50," caused a good deal of discussion. The president said that the council had already set up a committee to formulate a scale of fees, whose report would be submitted to the next meeting of the council.

The view was expressed by several members that a minimum fee would result, not in the protection of younger members, but merely in their losing work. It was pointed out that solicitors' scales were on the maximum principle. The more experienced society members would be faced with queries as to why they charged more than less experienced men. On the other hand, a fixed scale would be of advantage in securing (where necessary) payments in the Courts.

The remit was amended to read i "That the council be asked to prepare a standard scale of fees. . . ." In this form it was adopted. The following retiring members of the council were re-elected :—Messrs. Hugh Bailey (Taranaki), W. E. Beat (Canterbury), Irvine (Poverty Bay), and James Hogg (Otago). Mr. E. W. A. Kellow was appointed auditor.