Origin of auditing

When did auditing start?

It wasn’t until the advent of the Industrial Revolution, from 1750 to 1850, that auditing began its evolution into a field of fraud detection and financial accountability

Businesses expanded during this period and brought in large-scale production, steam power, improved facilities, and better means of communication

Where does the word audit come from?

The origin of ‘ Audit ‘ comes from the word ‘ Audire

’ With the advent of the Industrial Revolution, ‘auditing’ evolved as a financial accountability tool

The word “ audit ” has Latin origins ( audio, audire, means listening)

This word has known many definitions and classifications during this time

Why was auditing the most important branch of accounting?

Because of the relative insignificance of the early income tax, and despite the then primitive stage of development of the auditing profession, Montgomery asserted in the 1912 preface to the first edition of his auditing text that auditing was “the most important branch of accountancy

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