ABSTRACT
A subcommittee of the board of directors can, and frequently does, meet with the auditors and discuss understandingly and in detail any matters the auditors or the board consider desirable. American accountants understand that English company law requires the auditor to report that the balance sheet is in accordance with the books of the company. The economic role of the USA is crucial in the world of commerce and business to-day and the economic objectives of its business men have and will continue to have, for a long time to come, a substantial impact everywhere. The directors have a fuller understanding of the intricacies of the business and accounting than the average stockholder. Accounting principles and auditing procedures in specific cases is the subject of frequent conferences between the appropriate committees of the American Institute of Accountants and the commission's staff.
