Page Ten 



THE I. A. A. RECORD 



A Business Without a 



R 



a Clock Wtili 



It MAY RUN BUTn 

 YOU WHAT YOUOl 



A THOROUGH, systematic audit is as important 

 /\ to a business as a steering-wheel to an auto- 

 mobile. As the steering-wheel makes it possible for 

 the driver to guide the car, so does an analytical 

 audit assist the manager and board of directors in 

 guiding the business. 



The most successful business enterprises are built 

 upon a thorough knowledge of that business. The 

 directors should use the audit hke the engineer uses 

 signals to guide the train safely on its way. 



A careful audit reveals the rocks and shoals block- 

 ing the way to success. It is a light house warning 

 of dangers, pointing the way to a successful voyage. 

 Ignorance is one of the chief obstacles to successful 

 operation. The periodic audit turns on the search- 

 light revealing the weak spots as well as the strong 

 points in the business. 



DETEaS ERRORS 



TIE value of an audit can only be appreciated if 

 its purposes are understood. An audit is a 

 verification of accounting records. Errors and omis- 

 sions are detected and corrected. The financial 

 history of your organization is therefore made depend- 

 able. 



A thorough audit will disclose defalcations and 

 put a stop to dishonesty. It will throw the lime- 

 light on the unprofitable branches of the business 

 and weaknesses that need strengthening. 



An audit discloses the financial condition and 

 summarizes the operations of a business enterprise. 

 Groping in the dark is dangerous — the management 



TRAINED AND COMPETENT 



kJUDI 



PEORIA MILK PRODUCERS BOARD IN SESSION 



The auditing service of the I. A. C. A. assists the directors of the Illinois Milk 



Producers Association, Peoria, in keeping a careful check on the finances of this 



successful co-operative 



and directors of an organization 

 must have full information if they 

 are to discharge properly their duties 

 and obligations. 



SHOULD BE IMPARTIAL 



ACOMPREHENSIVE audit 

 ^1. report prepared by a com- 

 petent, disinterested and reliable 

 auditing service furnishes the guide 

 needed by those charged with the 

 administration of a business. It is 

 important that the service em- 

 ployed shall be impartial and free 

 from undue influence. 



Another function of the periodical 

 audit is to provide comparisons with 

 sufficient analytical detail to indicate 

 the results of policies adopted. 

 Comparisons with standards and 

 with the operating data of other 

 similar enterprises are also valuable. 



SEVEN POINT SERVICE 



I HE Illinois Agricultural Cb- 

 ■*• operatives Association offers a 

 seven point business service for 

 farmers' elevators, shipping associa- 

 tions, and other co-operatives as 

 follows : 



I. Periodic audits and accounting 

 service. 



FUNDAMKf AL TO 



sy :ess 



"From the begfi n^ of our 

 ice we started ui iiiJJ. Eac} 

 shown increase?; ipioveme 

 volume of business nd net pi 

 year we made ov > ]<00 pe 

 provement over tl precedin 



"We feel sur* jtt the " 

 audit system and ts adviso 

 have been most f jT^imental 

 cess. Of course «^have tri 

 no stones untuijye i^ buildi 

 business. We jit rfAde it 

 use the service at ivery ang 

 and allow the *es ts Teceive 

 t ulate us on towai < constan 

 We also feel tha^ dKossibil 

 service to be exte ed by th« 



tives Associatioii 



of development. 



"Here are sMt 

 audit did for u^: 

 vised method f( 

 Stimulated moi*. 

 tor manager and 

 making furthef 

 Established more 

 stockholders, an^ ^ 

 we were borrow? 

 us a definite as,' 

 our annual meetii 

 Pres. Mt. Sterlinij 

 tive Ass'n. 



•etill in 



qf the 

 l! Gav( 

 bookke( 

 e^st in 

 okkeepini 

 ^^proven 

 ith in th< 

 ^banks 1 

 capital. 

 >%iurate 

 '^ -W. 

 JMTners' 



