Securities and Exchange Commission Historical Society
Museum

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1939 Professor Felix Frankfurter, Harvard University Law School.

As the 2016-17 academic year begins, the museum recommends these materials for the teaching and study of accounting and auditing, business, economics and law:

Museum

IN THE MATTER OF MCKESSON & ROBBINS, INC.


"Wherever accountants gather at this particular time, there is one certain topic of conversation, the McKesson and Robbins case, and all its implications. For the first time in the fourteen years I have been working for the American Institute of Accountants, accounting and auditing is news. For more than a month, there has not been a day in which newspapers and financial and business magazines have not devoted attention to some aspect of accounting."

- January 27, 1939 Address of John Carey to Pittsburgh Chapter, American Institute of Accountants on the McKesson & Robbins case

Treasures from the Collection

The Report of Investigation of the United States of America before the Securities and Exchange Commission in the matter of McKesson & Robbins, Inc. is the record of the SEC's exposure of the fraudulent financial statements of McKesson & Robbins, Inc., revealing significant fictitious items in sales, inventories and accounts receivable. It was the most searching investigation up to that date by a government agency into independent audits and the practices of the audit profession. The McKesson & Robbins fraud led to major corporate governance and auditing reform requirements from both the SEC and the American Institute of Accountants (now American Institute of CPAs).

Permission for Use

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Users are prohibited from sharing or downloading any material for publication or commercial purposes without written permission from the Executive Director. Requests for permission must be submitted by email and specify the material requested and for what purpose.

Material used with the Society's permission should be credited to: www.sechistorical.org.