Document Type
Article
Publication Date
1957
Abstract
In a proceeding under Rule II(e) of the Commission's Rules of Practice, where a firm of certified public accountants certified financial statements filed with the Commission which were materially misleading in that, among other things, the balance sheet understated reserves for uncollectible accounts, overstated current assets, and listed as due from customers material amounts which represented advances to subsidiaries, and the income statement made insufficient provision for losses on uncollectible accounts, and the firm and two partners who participated in the preparation and filing of the statements improperly relied upon unsupported representations of management with respect to these matters, held, the firm and the partners engaged in improper professional conduct and their privilege to practice before the Commission should be suspended for 15 days.
Relational Format
article
Series Title
Accounting Series Release No. 078
Recommended Citation
United States. Securities and Exchange Commission, "In the matter of Touche, Niven, Bailey & Smart, et al. (File no. 4-77) (Rule II(e) - Rules of Practice)" (1957). Federal Publications. 161.
https://egrove.olemiss.edu/acct_fed/161