Abstract The basic requirement of every academic editor is that each article be a scholarly contribution to knowledge of the field. Contributions in an academic journal may be made by recognizing new problems of the field and suggesting possible solutions. Opportunities for contributions comes when new techniques are devised or become available for the solution of old problems, or when some new programs or new thoughts not always forthcoming as promptly to avoid a new problem. Another type of scholarly contribution may be made in the form of historical analyses. Another dubious candidate for scholarly effort is the voluminous compendium of what others have said on a subject with no adequate or new criticism or evaluation. Manuscripts submitted by authors usually go to the printer in the case of an academic journal, so it should be clear and readable to the editor also. Editor's do have obligations, therefore, a broad view of the possible forms of scholarly contribution is also needed by the editor of a scholarly journal, certainly if the journal is designed for a fairly large and diversified audience.

Abstract Statistical sampling methods for accountants and auditors have been actively discussed for about 12 years. Something of the extent of interest in the subject can be seen in the bibliography recently made available by the American Institute of C.P.A.'s. The subject matter is divided into two major areas: acceptance sampling and estimation. To these there has been added a third that is of special current interest to auditors; it is called discovery or exploratory sampling. Two of the applications, one of acceptance sampling and the discovery sampling technique, are primarily auditing applications. Discovery sampling is a procedure by which one can draw a sample with specified assurance of obtaining in the sample at least one example of a certain class of the population. This classification must not be insisted upon, however, for all the techniques can be used as a part of the accounting process or by auditors in checking the accounting product. The only difference between the accounting and auditing application may be the timing of it and even this may disappear when an auditor observes the taking of physical inventory.

Reviews the book "Sampling in a Nutshell," by Morris James Slonim.

Reviews the book "Auditing Principles and Procedures," 5th ed., by Arthur W. Holmes.

Reviews the book "Standard Costs, How they Serve Modern Management," by Clinton W. Bennett.

Abstract The training of recruits for a profession is a topic of perennial interest to practioners of the art as well as to educators. This can be seen in a variety of circumstances, in the formal qualifications required of candidates for admission, in the many discussions of the problem which stud the literature, in the continuous existence of committees on education in professional organizations, in the responses of practitioners to invitations to appear before students, and in the occasional appointment of commissions to review the educational process. This concern is vital to the improvement of the profession and perhaps to its continued existence. For instance, the College of Accountants in Venice, which was founded in 1581 and later achieved a status similar to that of state boards of accountancy, admitted members to the college or society by requiring, first, a certificate of fitness from a magistrate, second, an apprenticeship of six years, third, a certificate from a magistrate on the legal attainments of the candidate, fourth, a declaration by the accountant under whom he had served as to his ability, fifth, an examination before a board of examiners, and sixth, another examination before the governing body.

Reviews the book "Cost Accounting and Productivity, the Use and Practice of Cost Accounting in the U.S.A."

Abstract The suggestion is frequently made that only by experiment under actual field conditions can the validity of statistical sampling methods in auditing be established. Certainly experimentation can throw light into corners of the subject, which the theorist may not have noticed, or adequately emphasized, and facilitating devices developed by individual practitioners may be of general interest. The assurance of randomness in the samples was a very important factor in this result. For these reasons the following brief description of procedures developed in two successive audits of the same client are presented. The auditors are happy about the sampling for these reasons: (1) more care in each step of the sampling is encouraged, (2) the random sample covers more areas of the accounts, and (3) a very graphic picture of sampling results is given, especially when a working paper tabulation of them is made. These results flow partly from the smaller sample size and partly from the random selection. The client was also pleased with the results.

Abstract The traditional answer to the question of how much test checking is required is enough to satisfy the auditor. The profession, through its national organization, has attempted to make this answer more meaningful by adopting a tentative statement of auditing standards which places emphasis upon the auditor's training, his preliminary preparation for each engagement, his independence and so on. The auditor, even though conscientious, may become satisfied with his test sooner if there are other engagements pressing for his attention, if the client is worried about the fee and if he happens to be feeling ill on a particular day. Quite aside from the possibility of any adoption of standards by the profession in an organized capacity, each practitioner needs to have a tool, which he can depend upon. Such a tool would enable the auditor to apply the same standard of quality consistently or to make explicit and definite adjustments in it for differing circumstances. Such a tool is now available to the accounting profession. It is the sampling theory developed by statisticians and now widely used in the sciences. It consists basically of the calculation of probabilities.

Abstract Reviews the book "Cost Accounting," 3rd ed., by Charles Reitell and Gould L. Harris.