Genesis of Audit in India, US and UK

Abstract

The importance  of audit in today world is undeniable, In view of the economic condition, focus of an auditing was mainly detection of fraud and error but recent time it is also used as a tools for assessing the truth and fairness of the financial statements of the companies, also the function of audit was mainly to add credibility to the financial statement prepared by the managers of the company for the shareholders. The main motive of company is to raise capital and all about profit making, and this belief investor invest their money. Therefore it is important that the capital raised by a company is used for lawful purposes and object for which it arise the capital from the investor. To ensure this, auditors are under a duty to audit the company. An audit provides a high level of assurance about an accountability matter which is expressed as reasonable assurance. A higher audit quality will provide better information to them and by virtue of its vital importance in every management the researcher attempt to trace the evolution and consideration of its importance. The paper also categorized different era in order to know the definite time zone of the used and existing of the concept and the evolution of audit. Further, for better understanding the paper analyze the genesis of auditing in every aspect in the context of various countries and to enable to draw the advance approach of the same.