A PUBLIC AUDIT.
A public audit of the accounts of public companies is the best suggestion that has yet been made in the direction of audit reform. The radical vice of modern audit is that no auditor ever has a sufficient inducement to do his work as it ought to be done. In the same way the vice of all audit reform is that there is, to use a slang phrase, 'no money in it.' A correspondent writing in another column has boldly suggested a road to success through the Government of the country. We may take it for certain that until an audit tax is levied on the people interested, added to by the State, and a public department formed, auditing will continue to be the farce it now is in some large institutions. State responsibility is being advocated in Australia in the banking crisis ; on'e rather widely supported proposal being that the Governments shall guarantee all the deposits of all the banks ; and the Government in one colony has intervened under the new Note Issue Bill. If liabilities of this kind are to be in the path of Governments, they may well be averted by the systematic precaution of. a public audit department maintained by an audit tax. We should like to get an expression of opinion from the mercantile community.
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https://paperspast.natlib.govt.nz/newspapers/NZMAIL18930526.2.61
Bibliographic details
New Zealand Mail, Issue 1108, 26 May 1893, Page 21
Word Count
223A PUBLIC AUDIT. New Zealand Mail, Issue 1108, 26 May 1893, Page 21
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