ABSTRACT
This chapter is about a paper on the Verification of Assets that was read by Mr Henry Morgan, F.S.A.A., at the Autumnal Conference of Incorporated Accountants, in Leeds. Mr Morgan dealt with the duties of the professional accountant in his capacity as auditor of a limited company, and particularly with regard to his responsibility in connection with the verification of the various assets set out in the balance-sheet. With regard to securities, he pointed out that the Courts had refrained from laying down definite rules for the guidance of auditors, and he dealt with the difficulties which faced auditors whether or not to accept certificates of bankers, brokers and other custodians of securities, instead of insisting upon actual inspection. Finally, Mr Morgan dealt with the report of the auditor to the shareholders, and expressed the opinion that an auditor should not err, by reporting matters which were for the directors to deal with.
