The term “audit” appears from Latin word “audire” & its
means to hear. On past, when owners of company doubted about fraud in their business
then they appointed a cleaver person for checking of business accounts &
this intellect person submit full report of business accounts to their boss
after scrutiny business accounts.
According to Montgomery (A leading American accountant):-
From this above detail it is clear to us; audit is
examination of financial records of business & its purpose to clarify the business
financial image.
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