Abstract Any one who has been closely associated with accounting employment during the past two or more decades readily senses that the internship as a basic program has lost vitality. One of the reasons given for this loss of interest is the demand for accounting-trained graduates has created a situation whereby undergraduate students no longer need the contact provided by the internship to secure a permanent position. Many of the students are married and thus find it inconvenient to shift families from classroom to field and back to classroom. Many universities are on the semester plan which may not be conducive to an internship program. Many accounting firms for reasons best known to themselves are less responsive to accepting undergraduate students for organized internship programs today than in earlier years. Visual educational techniques and other improvements in teaching methods and materials may tend to reduce the necessity for field experience. On the assumption therefore, that the accounting internship is not dead or even moribund, this article tries to bring it up to date and implement it definite working rules.

Abstract Report of the Commission on Standards of Education and Experience for Certified Public Accountants (C.P.A.) has at one fell swoop placed a frightening responsibility, a magnificent opportunity and a sweeping challenge before the U.S.'s accounting educators. This report, in recommending a shift from experience to education as the major element in securing the C.P.A. certificate, also states categorically "the formal educational preparation of candidates for the profession needs to be more thorough and comprehensive than is now provided by most educational institutions." It was suggested that schools of business must provide curricula which will equip young men and women for the world of their future as well as the world of today. This task will require a complete re-examination of the present educational program. Constant reappraisal of objectives will be necessary as a consequence of the drastic changes in prospect for business and for the U.S. economy. College administrators and faculties must be bold, resourceful, and imaginative. Action is required to develop a long-range program.

Abstract Today no one is permitted to practice accounting as a profession, which includes the right to represent client or employer on accounting matters before any public body or to hold himself out as a public accountant, who has not been licensed by a state board of accountancy. There are some 262,000 individuals who have secured this license which goes by the old initials of C.P.A. but stands for Certified Professional Accountant and not Certified Public Accountant. This designation appears to have been a compromise as a result of the non-C.P.A. group's aggressive action in attempting to force all types of accounting practice under the licensing power of the states. Auditing as a technique and as a profession had reached the age of maturity. Auditing standards which had been discussed profusely and followed about as each practitioner pleased, in the middle of the 20th century, had become rules of practice any deviation from which was grounds for prompt disciplining of the offender. Inasmuch as the public had never fully understood how the C.P.A. could be independent on one engagement such as an audit, and yet serve in the capacity of a solicitor in a tax engagement or a consultant on matters of management services, every report must now state whether the engagement was conducted on the basis of that of an independent accountant or otherwise.

Abstract The topic assigned, that of discussing the graduate accounting curriculum from the viewpoint of schools offering undergraduate concentration in accounting, presents an opportunity to explore various phases of a most interesting and important subject. Prior to the twentieth century graduate work appeared to be limited to a high type of scholarship looking toward an intellectual career as opposed to a professional career. Accounting is universally recognized today as a profession ranking close if not on par with the older professional pursuits. The American Institute of Accountants has made extensive progress in preparing tests to ferret out those individuals with accounting aptitudes. Of late there has been developing some sentiment among some professors in some schools that the time put into writing a formal thesis could be better used in some other direction, such as additional courses or even field work. The MBA candidate should be required to pass a comprehensive test either written or oral or both. This examination to have any meaning and significance should be taken seriously by the examining committee as well as by the candidate.

Abstract The Securities Act of 1938, designed to compel full and fair disclosure of material facts relating to securities publicly offered and sold in interstate commerce, has been in operation now some 26 months, during which time approximately 1,700 issues of new securities have been registered with the Federal Trade Commission and its successor, the U.S. Securities and Exchange Commission (SEC). The Securities Exchange Act of 1934, which transferred the administration of the Securities Act from the Federal Trade Commission to the SEC, in addition to continuing the activities of the Federal Trade Commission relative to the Securities Act, is also concerned with the registration of security exchanges, the registration of securities on national security exchanges, and the making of studies and the promulgation of rules relative to certain practices looking toward the public interest and the protection of investors. The public accountant has a direct professional interest in at least one division of this Commission-the registration division. Since the registration requirements covering new issues under the Securities Act and securities listed on national exchanges under the Securities Exchange Act demand financial statements certified by independent public accountants, it is imperative not only that the public accounting profession be kept fully informed as to the statutory requirements as set out under the Commission's rule and regulation.

Reviews the book "Accounting Problems in the Oil and Gas Industry," by W.B. Coutts.