Abstract The subject of "Accounting Leadership and Responsibilities in Industry" is extremely broad, but it is also extremely vital. To discuss such a vital accounting subject on the campus of The University of Texas seems fitting because the University and the College of Business Administration are certainly interested in providing business with leaders. There are several areas of accounting responsibility in industry, and there is more than one school of thought as to the scope and extent of accounting responsibility. Also, there are discussions pro and con as to whether accountants can assume the responsibilities that management and industry expect them to assume. The author wish, therefore, merely to express his personal views as to the adequacy of accounting concepts and as to whether these concepts are broad enough to permit the accountant to assume the responsibilities that are his. Such remarks are confined to an outline of a few of the points involved. Accountancy can give credit for its tremendous growth to the advent of the industrial revolution, to the acceptance of scientific industrial management, and in the last two decades, to technological advancement in industry and the growth and predominance of large organizations with wide dispersion of activities, producing many different products.

Abstract Business leaders are beginning to realize that it is just as important to have highly trained accounting technicians on their accounting staffs as it is to have lawyers on their legal staffs and engineers on their engineering staffs. These business leaders have learned through costly audits, system installations, federal tax assessments, and the like, that the old type "bookkeeper" who knew little more than a debit from a credit was, despite his low salary, a costly investment. They have found that their business will fail to prosper as it should unless their accountants can grow with it, assume new responsibilities, revise systems to meet operations, and help guide the business through the intricacies of modern government taxation and regulation. The disadvantages of a small concern are usually the advantages of a large one, and vice versa. In the large firm, probably a comparatively greater number of well paid accounting and other positions are open to the accountant there is theoretically no job ceiling below the president and there is a much broader field of business activity in which to acquire experience.

Abstract Auditing performed before a transaction is completed and the results thereof recorded in the accounting records is preauditing. This type of auditing is an administrative responsibility and provides for an examination, analysis and review of the component parts of a transaction during the time the transaction is in the making, or at least before it is finally consummated and recorded. Internal check, a second type of internal auditing done before the results or analysis of a transaction are recorded finally, relates to a logical and systematic arrangement of the procedures and methods for analyzing, classifying, processing and recording accounting documents and data. The work of the independent post auditor provides an examination, review, analysis and appraisal of the following after the transactions of the municipality have been analyzed and recorded by its accounting staff. The failure of municipalities to utilize the services of the professional auditors and the comparative low quality of municipal auditing is due in a large measure to the lack of a statement of independent audit standards.