Genesis of Auditing and its Changing Role in the Contemporary World

Auditing functions are constantly changing because of the interaction between audit profession and the public and thus they have largely been recognised as a social phenomenon. Reforms in the public sector have directly influenced the auditing practices. Conventionally it was concerned with legality, regularity and probity of government agencies and expenditures because of reforms in the field of the public sector. Audit function has expanded to include wider monitoring functions over government agencies and is now concerned with terms such as accountability, output, efficiency and value of money. Genesis of auditing practices in ancient civilisations, reforms in auditing practices in the UK and auditing development shift to the USA from the UK because of economic growth of the USA in 1920–1960, introduction of computerised auditing practices and development of auditing practices from ancient India to post-independent India are the main contents of the article.