He was the important accountant in England because he contributed a lot to the development of a famous global accounting firm nowadays.
Samuel Price was born in 1821. He was the important accountant in England because he contributed a lot to the development of a famous global accounting firm nowadays.
Samuel Price came from Bristol. He was the son of a stone potter locally. He did not give up his study.
After his study, he entered a local firm called Bradley, Bernard & Co. as the junior accounting staff. In 1848, he formed partnership with William Edwards. However, the partnership was a very short one because the partnership dissolved in 1849.
After the failure in forming that partnership, Samuel Price decided to run his own accounting office. In the following decade, the firm was led by Samuel Price and the firm grew in a stable rate.
What they are famous for
In 1865, he received offer from other people to form partnership again. This time, there were two men called Holyland and Waterhouse who made the offer. At that time, Samuel Price decided to spend more time on the Institute of Accountants instead of operating the accounting firm so he accepted the partnership offer. He left the office work for his partners and he devoted a lot of time to the Institute of Accountants in his country.
In 1880, the England & Wales Institute of Chartered Accountants was formed. The institute was important in the development of accounting industry in England.
How they affected the world today
The establishment of the Institute mentioned above was one of the influential achievements that Samuel Price had made for the world nowadays. He tried to codify the practice of accountants in the UK and this helped the UK accounting firms to gain international respect and reputation. Therefore, Samuel Price could be regarded as one of the most important gatekeepers of the accounting standards in the UK back then.
Of course, another important achievement that Samuel Price had made to the world was his accounting office. Holyland later quitted the partnership and Price and Waterhouse were left. They continued to build the firm and gained significant reputation in the accounting industry. The office of Price Waterhouse was expanded to New York from the UK in 1890, three years after the death of Samuel Price.
Although Samuel Price did not witness the firm’s expansion to other parts of the world, his work was the important key for such an expansion. The prudence elements injected by Samuel Price and Waterhouse helped them firm to keep the reputation over the hundred years of operation and this helped the whole firm to become the largest accounting firm in the current world. The integration with the Cooper firm helps the firm to become PricewaterhouseCoopers in the current world.
In conclusion, Samuel Price was an important man who guided the English accountants to build the professional image. The formation of his accounting office helped the accounting industry to have a reliable accounting firm. Without his efforts in accounting standards safeguard, it could be hard for accountants to gain support from clients nowadays.
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