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It is argued that auditors should have a clear view of the opportunities that exist for automated transfer, and of the controls against fraud and error that are built in. The role of BACS, the UK banks′ automated clearing service, is compared with some of the other computerised operations in UK banking. Types of settlements management auditors should be advising their clients to make via the BACS service are also described.

THE following list of contracts placed by the Air Ministry during February is extracted from the March issue of The Ministry of Labour Gazette:—

IT is known that the Library Association Council has devoted watchful care to the position of libraries in the event of war. As we write, the international situation is as dark as it has been at any time since 1919, and many have that calm, cold feeling that there is nothing to do but to tighten our belts and stand againt the onslaught. Even if that is still avoided, as all who listened to Lord Halifax trust it may be, there should be active protection of the library service which is one of those things which might so easily go under in a time of stress. The Library Association has done well in submitting to Government that experience in the last war proved the value of libraries for information and as a factor in the morale of the people; that their services should, so far as possible, be maintained even during hostilities; that there would be need of library provision for people, and especially for children, “evacuated” to areas where the existing library provision might often be inadequate; and that library buildings should not be used for purposes for which they are unsuitable, seeing that there will be many halls, schools and other buildings that would be better for food‐control, recruiting and so on.

The purpose of this paper is to consider the stochastic differential equation of the RL electrical circuit as the dynamic model of a state space system when the current in the circuit is hidden and corrupted by the measurement noise. Estimation of the corrupted current and the values of missing or unknown parameters (resistance, the observed current variance in the measurement model, the mean and variance of the current prior distribution) which are the main concern in electrical engineering is considered.

Optimal filtering is proposed for estimation of the hidden current from the noisy observations. Also, the problem of analyzing this model based on estimation of the unknown parameters is addressed from the likelihood‐based and Bayesian perspective.

Computational techniques for parameter estimation are carried out by the Maximum likelihood (ML) approach using Expectation‐Maximization type optimization and Bayesian Monte Carlo perspective using Metropolis‐Hastings scheme. The explicit formulas for the ML estimator are obtained and it is shown that the smoothers, the filters and the predictions for the current have the best confidence intervals, respectively. Some numerical simulation examples which are performed by R programming software are considered to show the efficiency and applicability of the proposed approaches. Results show an excellent estimation of the parameters based on these approaches.

Due to the fact that in an empirical situation of electrical engineering, observing the current in the circuit regardless of the measurement noise and knowing the exact value of the parameters are unrealistic assumptions, this paper can be used in various types of real time projects.

To the best of the authors' information, the problem of analyzing the state space model of RL electrical circuit has not been studied before. Furthermore, the estimation of the hidden current as the state of the system and estimation of the unknown parameters of the model via both ML and Bayesian approaches have been investigated for the first time in the present study.