Page 



7 €71 



THE I. A. A. RECORD 



A Business Without a 



R 



a 



Clock Wiih 



It MAY RUN BUT IT 

 YOU WHAT YOUioi 



THOROUGH, systematic nuJit is as important 

 /\ to a business as a steerinij-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 ot that business. The 

 directors should use the audit like 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. 

 Ignor.ince 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. 



DETECTS 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 we.iknesses 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 



PEORIA MILK PRODUCERS BOARD IN SESSION 



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



Producers Asso;:iation, Peoria, in keeping a careful check on the finances of this 



successful co-operative 



f 



TRAINED AND COMPETENT 



W. O. HERING 

 Chicago 



iind directors of 

 must have full information if they 

 iire to discharge properly their duties 

 and obligations. 



SHOULD BE IMPARTIAL 



A COMPREHENSIVE audit 

 L. 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 ;ind 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 stand.irds and 

 with the operating data of other 

 similar enterprises are also valuable. 



SEVEN POINT SERVICE 



I HE Illinois Agricultural Co- 

 ■*• opemtives Association offers ;i 

 seven point business service for 

 f irmers' elevators, shipping associa- 

 tions, and other co-operatives as 

 follows: 



1. Periodic audits and accounting 

 service. ' 



F. E. RINGHAM, .Ag' 

 Chicago fc ' 



FUNDAMB^AL TO 



sybss 



"From the begi.iing of our 

 iqe we started tiahiU. Each 

 shown increase*' lip.oveme 

 volume of businesalnd net pi 

 year we mad(* o\P ]#>>0 pei 

 provement over thj precedint 



"We feel surO' lat the I. 

 audit system an! Its advisci 

 have been most fjj '.'mental 



Of course ■> 



have trie 

 i'-^ buildi 

 ntfcde it 

 ■very anp 

 s toceivi 

 constar 



■etill in 



cess. 



no stones untui^e 



business. We av 



use the sefi'vice at 



and allow 'the .es 



ulate us on towaJ 



We also feel tha>|o|^ossibil 



service to be extcfed by tht 



tives Association - 



of development. 



"Here ire sc^'i* of the 

 audit did ^for u.-: i. Gavi 

 vised method I'll bookkei 

 Stimulated moi'., fteAst in 

 tor manager and Uokkeepin> 

 making furthei*li5,proveni 

 Established more lith in thi 

 stockholders, and»?" banks 1 

 we were bonowirj capital, 

 us a definite aj; Ife^-.urate 

 our annual meetirt/' — w. 

 Pres. Mt. SterlinjFarmers' 

 tive Ass'n. "' '^' 



