EVOLUTION OF AUDITING

Jun 21st, 2015
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In the early days of commerce and business there was no existence of the concept of auditing. This was, may be due to the small nature of business and day to day personal control of the proprietor .Audit can be traced back in the period 3600-3200 B.C. Initially, the audit was mainly done that of public accounts only. From historical records it appears that the ancient Egyptians, Greeks and Romans were used to the government accounts audit.

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AUDITING BASICS IThis study note includes! Evolution of Auditing! Definitions! Major Influences of Auditing! Nature of Auditing! Scope of Auditing! Role of Evidence in Auditing! Auditing Techniques and Practices! Generally Accepted Auditing Standards! Concept of Materiality in Auditing1.1 EVOLUTION OF AUDITINGIn the early days of commerce and business there was no existence of the concept of auditing. This was, may be due to the small nature of business and day to day personal control of the proprietor .Audit can be traced back in the period 3600-3200 B.C. Initially, the audit was mainly done that of public accounts only. From historical records it appears that the ancient Egyptians, Greeks and Romans were used to the government accounts audit. The accounts of the corporation of the city of London were audited in 12th Century. Later in Shakespeares Timon of Athens the steward Flavins makes the remark If you suspect my husbandry or falsehood, call me before the exactest auditor, and set me on the proof which indicates the existence of an audit in the 14th century also. In 1314, auditors were officially appointed to check the public accounts in England. In 1494, Luca Pacioli, a French celebrated mathematician, brought the concept of Double Entry book-keeping and auditing in practice. Gradually and especially after the Industrial Revolution in the 18th century, the nature, type and size of business organizations changed. The large scale busines

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