Financial audits
Financial audits have a long history. From what we can decipher of the
remaining records, the need for this type of audit has been recognised
since the first civilisations. The Egyptians, the Greeks and the Romans all
had notions of accounting, accountability and audit because in organised
societies generally there were structures and organisations that placed
individuals in positions of power and authority over other people’s money
and resources. When money was received or spent on behalf of the
king, emperor or the people generally, there was a strong incentive for
the individual government official to keep records that showed that the
money had been properly and honestly handled. To add credibility to these
records, an independent check, or audit, was carried out. Without this sort
of check, no one could be sure that the officials had properly discharged
their responsibility.
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