Abstract In 1936 the American Institute of Accountants prepared and published a Bulletin: "Examination of Financial Statements by Independent Public Accountants." The general property tax furnishes the main support for local governments and is used to some extent also by many state governments. It is levied principally on real estate, land and improvements. In some states there are taxes on personal property, also on household goods, jewelry, art collections and the like. In the practice of the last few years, the tendency has changed and increasing attention is being drawn to the significance of the property tax itself. As a characteristic of the new trend, reference is made to the practice by which profit is measured by the ratio of profit to property tax. A comprehensive view of local tax trends can be found in the general increase of the property taxes throughout the nation. The scope of the present study is to outline the auditing procedures applied in the examination of a chain of real estate corporations, where the goal of the corporations is set. The audit program in this study is limited in scope to real estate and personal property taxes. An auditor was hired to gather all the accounting information and the available data for recording.
Andor Beretvas (Tue,) studied this question.