▁appe aled ▁his ▁conv iction ▁on ▁count ▁ 3 ▁and ▁was ▁ba iled ▁pending ▁the ▁appeal . ▁The ▁appeal ▁was ▁heard ▁in ▁November ▁ 1 9 3 1 ▁where ▁the ▁Court ▁of ▁App e al ▁u ph eld ▁the ▁conv iction , ▁r uling ▁that ▁although ▁the ▁statements ▁within ▁the ▁prospect us ▁were ▁all ▁true , ▁the ▁document ▁as ▁a ▁whole ▁was ▁false ▁because ▁of ▁what ▁it ▁conce aled , ▁omitted ▁or ▁imp lied . ▁ ▁After math ▁Following ▁K yl s ant ' s ▁conv iction ▁the ▁company ▁was ▁liquid ated , ▁and ▁reconst it uted ▁as ▁The ▁Royal ▁Mail ▁L ines ▁Ltd ▁with ▁the ▁backing ▁of ▁the ▁British ▁government . ▁The ▁case ▁led ▁to ▁several ▁changes ▁in ▁the ▁way ▁companies ▁were ▁aud ited . ▁Because ▁many ▁account ants ▁shared ▁Pl ender ' s ▁view ▁that ▁secret ▁reserve ▁account ing ▁was ▁a ▁regular ▁and ▁respect able ▁practice , ▁and ▁because ▁the ▁pair ▁had ▁not ▁been ▁found ▁guilty ▁of ▁publishing ▁false ▁information ▁as ▁a ▁result ▁of ▁this , ▁the ▁professional ▁response ▁was ▁dis joint ed ▁and ▁half - heart ed . ▁There ▁were ▁major ▁changes , ▁however : ▁although ▁the ▁practice ▁of ▁secret ▁reserve ▁account ing ▁remained ▁acceptable , ▁companies ▁dis closed ▁their ▁use ▁of ▁this ▁in ▁their ▁aud it ▁reports . ▁The ▁Comp an ies ▁Act ▁ 1 9 4 7 ▁made ▁it ▁clear ▁that ▁failing ▁to ▁disc lose ▁the ▁use ▁of ▁this ▁process ▁was ▁un accept able , ▁and ▁und erm ined ▁the ▁" true ▁and ▁fair ▁view " ▁companies ▁were