AN AUDIT TAG

Evening Post, Volume CXVI, Issue 145, 16 December 1933, Page 16

AN AUDIT TAG

LAND SETTLEMENT ACCOUNT

An audit tag, drawing attention to the failure of tho account to disclose exchange costs, accompanies the bal-ance-sheet of the Land for Settlements Account presented to Parliament yesterday. Certifying that the revenue account and the balance-sheet have been examined and. compared with the relative ..books and documents submitted for, audit, the Controller and Auditor-Gene-ral (Colonel G. F. C. Campbell) states that they correctly state the position, as revealed, with the following exception:. No interest has been allowed tothe Cheviot Estate for assets of its. account which have been transferred to the Land for Settlements Account;and, moreover, the estate has been charged interest on the value of.those assets other than cash. As a result, Colonel Campbell states, the accounts do not disclose '^ie true amount of revenue earned by the estate and the Land for Settlements Account respectively. : The Auditor-General adds the following'comment: "The account contains no charge for the cost of cxchango on payments of interest made in London; nor has any credit been allowed for exchange on the proceeds Of sales of farm produce overseas."