The auditor being the laste of all officers, is to bee judge betwixte the lorde and his accomptants, and to deale trulie for and beetween all parties, and upon the determination of his audite, to presente to his lorde by booke or breviate, all his receipts, expenses, imprestes; whatsoever, with the remaines of monye, if any bee.
Id. (quoting an unsigned statement written in 1605). Further, an early fourteenth century book on estate management advised that [t]he auditors ought to be faithful and prudent. Id. at 262 (quoting Walter of Henley, Husbandry).
With respect to every such untrue statement purporting to be a statement by or contained in what purports to be a copy of or extract from a report or valuation of an engineer, valuer, accountant, or other expert, that it fairly represented the statement made by such engineer, valuer, accountant, or other expert, or was a correct and fair copy of or extract from the report or valuation. Provided always, that notwithstanding that such untrue statement fairly represented the statement made by such an engineer, valuer, accountant, or other expert, or was a correct and fair copy of an extract from the report or valuation, such director, person named, promoter, or other person, who authorised the issue of the prospectus or notice as aforesaid, shall be liable to pay compensation as aforesaid if it be proved that he had no reasonable ground to believe that the person making the statement, report, or valuation was competent to make it . . . .
It has long been considered a fundamental principle of our Government that the States should retain a considerable proportion of the legal supervision of business. In the main, at the present time, the various civil rights of our citizens, including those rights which come under the law of contracts, are in the hands of the separate States. [A change in this status quo], while it may eventually be necessary, would prove centralizing to a degree to most people unthought of, in connection with our form of government.
Publicity is a safe and conservative remedy for most corporate abuses. The certified public accountant is the authorized agent of publicity. Let popular discussion of this subject proceed until the people shall demand that the affairs of every public-service corporation, of every bank and of every insurance company shall be regularly examined by certified public accountants who are independent of the directors, if not also of the stockholders.
Id. (quoting Editorial, J. Accountancy, Nov. 1907).