Auditing as an Aid to Accountability

Auditing as an Aid to Accountability

AUDITING AND ACCOUNTABILITY DEFINED – Auditing is regarded as one of the more recently established professions born out of the complexity of the modern business word. Stewardship is the practice by which productive resources owned by one person or group of persons is being entrusted under the care of person appointed by them to look after property.The process by which the manager accounts or reports to the owners of the business is called stewardship accounting. This reporting and accounting is usually done by means of financial statements. In order to verity the true and fairness of the report it has to be examined by an independent person an auditor.     [Read more…]