Examination of financial statements by independent public accountants

Developments of accounting practice during recent years have been in the direction of increased emphasis on accounting principles and consistency in their application, and of fuller disclosure of the basis on which the accounts are stated. These developments have been accelerated by the prominence given to such matters in regulations of the Securities and Exchange Commission dealing with financial statements and also in correspondence during the years 1932 to 1934 between the American Institute of Accountants and the Committee on Stock List of the New York Stock Exchange. The American Institute of Accountants considered that it was desirable to revise the bulletin which was prepared by the Institute in 1929 and published by the Federal Reserve Board under the title Verification of Financial Statements , and has approved the work of a special committee in preparing this bulletin to replace the previous one. The suggestions contained in this bulletin are intended to apply to examinations by independent public accountants of financial statements prepared for credit purposes or for annual reports to stockholders.https://egrove.olemiss.edu/aicpa_att/1073/thumbnail.jp