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Publishing Audit for the Brothers G in UK

Many summers ago we were auditing at the Brothers ( who were "Staying Alive" at the time ) publishing company in UK.

There had been a recently released TV advertised Greatest Hits album in the UK . The mechanical royalty lines for the compositions were appearing on the royalty statements being checked as part of the audit.

I was attending to check progress and went with my colleague to a local tapas bar for liquid refreshment before returning to the publisher's offices – once back I peered at the statements and had a Eureka moment – the UK mechanical income on all of the very heaving selling compositions had been under accounted – it later transpired that the exchange rate of 0.1 had been used to process the UK royalties from MCPS when in fact this should have been 1.0, there was an enormous underpayment of over £400,000 to my clients – as well as to other innocent writers published by the major company.

This error had not been picked up the company's royalties department, finance department, management accounts officer, head office or the company's auditors.

Conclusion - Three Happy Brother G – Too Much Heaven !

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