Jinminpi (the "People's Money") is the currency now circulated in communistic China. It is usually abbreviated as JMP$. Only the People's Bank of China issues the notes. They are inconvertible paper money, and neither gold nor foreign exchange has been provided as reserves. Chinese communists generally follow Soviet communists. There is no exception in accounting. The cash control system in Communistic China is practically an extension of that in the Soviet Union. Simply speaking, there are three parts in the Soviet Ruble Control System: cash control; credit control; and transfer control. The democratic cash control differs from the Soviet cash control, not only in the operation but also in the object. The chief purpose of the democratic cash control is to insulate the abnormal fluctuation of cash circulated in foreign countries in order to stabilize the external value of the currency in foreign exchange market. By the cash control system; the central bank effectively controls the receipts and disbursements of all organizations. Since the cash in hand and cash settlements are limited, the volume and speed of money in circulation can be reduced and controlled by the central bank. Prices can, therefore, be stabilized.

This article focuses on problems in experimenting with the application of statistical techniques in auditing. In the first section of an article "Inadequacy of Some Experiments in the Past," published in the 1954 issue of the journal "Accounting Review," certain sample checks have been listed. The comment is that the reason for their lack of significance is that the experiments do not establish the relevance to the purpose of the audit, etc. This approach of working with an isolated phase of an audit was probably followed because it is much simpler than an attempt to tackle the audit as a whole. These statements indicate a misunderstanding of what was actually done. In the case of the a report the audit as a whole for the municipality was well established over a period of ten years before the case studies were begun. The purpose behind the report was to indicate how cases do occur during an audit where samples as a basis for judgment are both adequate and efficient. A report of this character should clarify something relative to the use of statistical methods in auditing.

The article presents the report of the president of the American Accounting Association for the year closing December 31, 1954. According to the report, The Accounting Review periodical has increased gradually in size during the past five years to about 800 pages annually. Manuscripts have been coming in nicely this past year. Good progress has been made during the past year on the research project, headed by Professor Ralph C. Jones of Yale University, and concerned with the effects of price level changes on financial statements. The growing importance of the association, and the increasing importance placed on accounting education by associations of practitioners, are attested to by the many requests for official representations at meetings of other accounting organizations, both in the United States and abroad. Plans were initiated in 1953 for the Association of University Teachers of Accounting in England and the American Accounting Association to sponsor jointly the publication of a volume of readings in the history of accounting.