Good Auditing.

Manawatu Herald, 15 September 1892, Page 2

Good Auditing.

A special meeting of the South Canterbury Building Society at Timaru, on September 12th, received reports from the directors, auditors and accountant, who had investigated the society's affairs. The directors report that the late manager. W. Ziesler, who committed suicide a short time ago, had been committing defalcations for the last seven years. ( He had abstracted securities received and vouchered fixed^eposits, making no entry in the tyboks. He had forged vouchers, property lists and deposit recoipts, and kept bogus accounts. The consequence was that the company must face a loss of over £5000. The securities held are mortgaged to the Union Bank to cover an overdraft of £8,874, and this bank demands that the company be wound up at once voluntarily, or it would force a liquidation. The shareholders agreed that a forced liquidation would be ruinous, and unanimously decided to wind up voluntarily. The auditors were blamed for accepting the lists of securities given them by the manager instead of seeing the deeds for themselves, and the Chairman explained how they were hoaxed by a false list attached to the sheet bearing the bank's certificate.