Historical Evolution of Audit Theory and Practice


  • A. O Olagunju Department of Accounting, Babcock University, Nigeria
  • S. A. Owolabi Professor, Department of Accounting, Babcock University, Nigeria




Ancient civilization, Industrial revolution, Auditing, History, development


The separation of ownership and control due to industrial revolution and expansionary system of businesses has brought the need for checks and balances by the owners of the businesses. Decision making requires information that is exhaustive, consistent, reliable, and credible and such there is need for cross-examination of records for effective decision making. Starting from fraud detection to attesting to credibility of financial statements are auditing practices. As every field of study has its root, thus this paper examined the historical evolution of audit theory and practice from ancient civilization till present age and focusing on the way forward as regards the future of audit. A desk research was conducted and from the review, it was discovered that lots of transitions have occurred in audit theories and practices over time as business world turns digitalized, thus leading to past audit practices becoming outdated and auditing evolution has reached a critical juncture whereby auditors may not have choice than to adjust to the new technology age system. It is imperative that accountants and auditors ultimately lead the way in adoption and implementation of technology-enhanced auditing.


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How to Cite

Olagunju, A. O., & Owolabi, S. A. (2020). Historical Evolution of Audit Theory and Practice. International Journal of Management Excellence (ISSN: 2292-1648), 16(1), 2252–2259. https://doi.org/10.17722/ijme.v16i1.1197