LETTERS TO THE EDITOR.

Sun (Christchurch), Volume I, Issue 234, 6 November 1914, Page 6

LETTERS TO THE EDITOR.

TO A CORRESPONDENT. "Enquirer.—There are no definite hciglit records. An "effective." altitude of 8000 feet is daimed for the latest Zeppelins. The monoplane- record is over 10,000. feet. The Taube is a German monoplane. SOLICITORS' TRUST ACCOUNTS. To the Editor of THE SUMT. v i Sir,—By reason of the disclosures of the' irregularities jef certafinsolicitors, . public confidence has no .doubt receivedV somewhat of a shock., If is just as well, therefore, to bcir in mind that in pursuance of regulations made by hW Excellency the Governor; the audit jof all solicitors ; trust accounts by. .some member , of the New Zealand Society of Accountants has I)een mase ' compulsory within three months after the end of each year, commencing with the year ending March 31 next. > x This is all right.so far as it goes, but for all the purpose it would serve, it would be so much waste of time. The auditor could audit and audit, and prima facie everything would appear to bo perfectly in order, but what the auditor could not aiudit would be particulars or details not entered in the trust books, and so long as. any payment of interest was not recorded, the capital investment relating thereto would be safe from being the subject of investigation. V •

It is the errors of omission, not com-: mission,. that are the weak points of every audit, and unless some provision is made for this failing, the whole audit is a farce.

I would suggest that the Council of, the New Zealand Society of Account- , ants approach the proper powers, ami have provision made by means* of amended regulations .for the giving of public notice by newspaper advertisement, to the effect that such arid such a solicitor's trust accounts had been audited, and that particulars of all,in- .. vestments, mortgages," etc./ would be, visible at, fiay, one of the Government offices, where persons interested in the particular trust account advertised, would, for their ownprotection, no doubt 'attend to see that their investmerits,: ete., were " properlyrecorded". 'las ; - '< being among the assets.—l am, etc.:, > VICTIM, ; , . • November. 5, .1914.