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The term audit is derived from the Latin verb “audire”, which means “to hear” the origin of audit allowed tenant formers to work on their land while the land owners themselves, did not become involved in the business of farming. The landowners relied upon an overseer who “listened” to the accounts of stewardship given by the tenants.During this period till data, and with reference to the companies and allied matters act of 2004, the word “audit” is described as:

The independent examination of, and expression of opinion on the financial statements of an enterprise :y an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory.

In order to form an opinion  as to the accuracy, truth and fairness of such account.

The business world prior to industrial revolution in the 19th century till present day, has witnessed a lot of changes and developments. In the early economic Developments, the mode of recording and analyzing of accounting dates was by manual means. Auditing during this time was done orally because the business of writing was get to develop. Themodernization of in the business world led to the areas where writing and receding analysis evolved with the use of some electro mechanicals. Accountability on the other hand is the obligation to answer for a responsibility that been concerned, (the 2006). During the era when accounting system evolved, the business transitions which took place – = d to be recorded, analysis and based on the Dtinciples, methods and procedures laid down by theaccounting profession. Also certain development


which occurred, gave rise to the right to examine the books and to obtain all the information and explanation necessary for giving a report on the truth and correctness of the business’s (company) balance  sheet. In view of this auditing was redefinedaccording to (CAMA 2004) as an exercise whose objective is to enable auditors express on opinion on whether the financial statement gives a true and fair view of the entities affairs at the period and; of it’s profit  and loss for the period then ended and have been properly prepared in accordance with the applicable reporting frame work, ,with greateremphasis placed on the information value of the business balance sheet and prospective investors becoming increasing conscious of the need for the rejection of error and fraud was regarded as the province of the business management. Thesedevelopment further gave rise to the restructuring accounting function of the owners of the business which in turn led to the emergence of the financial statement legislation and recognisition of auditors. As required by the company’s act, the audited(s) is meant to provide a written report, expressing their opinion regarding the freeness’ and “fairness’ of words, auditing both in the past and at present is fanned at enquiring that the stewardship account being centered to owners of business is a time representation of the event that took place. Also development • in the business coupled with technological breakthrough led to the advent of electronic data processing (computer) as a means of processing business dates. This, in the world of business implies the computerization of accounting system which still demands that auditor should perform their role as opinionist.

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