I propose to touch upon the areas relating to role of audit and its importance; the role of the Comptroller and Auditor General (CAG) of India as an institution; RBI’s experience with audit as a regulator and supervisor in the financial sector; why audit failures happen and the impact thereof; adoption of modern audit tools; and the changing nature of audit.
Origination of Audit 5. The early origins of the audit profession can be traced back to medieval Europe. The Pipe Rolls (collection of financial records) maintained by the British Exchequer were some of the earliest written financial records of the audit process of the monarchy’s accounts. The earliest surviving Pipe Roll at the National Archives of the United Kingdom covers the financial year 1129–11301.