The auditing origin can be traced back to the 18th century, when the practice of large scale production developed as a result of the Industrial Revolution.
Systems of checks and counter checks were implemented to maintain public accounts as early as the days of ancient Egyptians, Greeks and Romans..
The establishment of an overall audit strategy involves I
Determining the characteristics of the engagement that define its scope
,IIAscertaining the reporting objectives of the engagement to plan the timing of the audit and the nature of the communications required
,IIITue difficulty and expense of obtaining audit evidence concerning an account balance is a valid basis for omit- ting the test
,ship between the cost of obtaining audit evidence and the usefulness of the information obtainedBefore accepting an audit engagement, a proposed (successor/incoming) auditor should make A
Evaluation of all matters of continuing accounting significance
,f BUnderstanding as to the reasons for the change of auditors
,CAwareness of the consistency in the application of PAS/PFRS between periods
