Lesson From Yesteryear

BY KENNETH S. MOST

Sixty years ago I was apprenticed to an English auditor. One day my boss asked me to be in his office just before midday, and I was told to sit on a chair away from his desk.

At noon a client, the owner of a large textile manufacturing company and my boss’s fishing buddy, arrived. My employer did not hesitate to tell his friend, “There’s something wrong with these inventory sheets.” Without argument the client accepted the proffered papers and took them away to be corrected. I was then sent back to work, having learned the lesson.

Where can an accounting student today obtain such an education? Can this type of ethical behavior be legislated?

Kenneth S. Most
Professor Emeritus
Florida International University
Lauderdale-by-the-Sea, Florida

SPONSORED REPORT

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out