By audit'. we generally mean work related to examining of accounts.The person who examines accounts is called an Auditor. The dictionary m
meaning of the word' Audit is to check or examine specially. the English word Audit comes from the Latin word "Audire', which means ''To hear". In ancient times the responsibility of examining of the accounts of an institution has been accurately maintained or the accounts kept by the employees is correct or not, was in the hands on an impartial and experienced person. The entire accounts was narrated to him and he judged the accuracy and perfection of the accounts.
As result of change in economic and social atmosphere and increase of complexity of business because of open competitive market system the working scope of an auditor has expanded largely. Hence , in modern times, the definition of audit is ---
For a particular accounting period, an impartial and qualified person examines account book, document, information and explanation and based on them activities of business organization; if correct, and is expressing a true and fair view of that organisation -- if, satisfactory and implements as a report, is called Auditing.
meaning of the word' Audit is to check or examine specially. the English word Audit comes from the Latin word "Audire', which means ''To hear". In ancient times the responsibility of examining of the accounts of an institution has been accurately maintained or the accounts kept by the employees is correct or not, was in the hands on an impartial and experienced person. The entire accounts was narrated to him and he judged the accuracy and perfection of the accounts.
As result of change in economic and social atmosphere and increase of complexity of business because of open competitive market system the working scope of an auditor has expanded largely. Hence , in modern times, the definition of audit is ---
For a particular accounting period, an impartial and qualified person examines account book, document, information and explanation and based on them activities of business organization; if correct, and is expressing a true and fair view of that organisation -- if, satisfactory and implements as a report, is called Auditing.
