Discuss the significance of auditing for managing a school.
Audit is an instrument of financial control. It acts as a safeguard on behalf of the proprietor(s) (govemment/funding agency) against extravagance, carelessness or fraud on the part of the proprietors' agents or servants (in our case employees of the school, responsible for maintaiiling the school accounts) in the realization and utilization of the funds or other assets. An audit also ensures that the accounts maintained truly represent facts and that expenditure has been incurred with due regularity and propriety. It aims at the verification of financial records (accounts) and reporting about it in a formal manner. Besides checking the veracity of the financial statements, auditing is also done to determine whether there has been adherence to the generally accepted accounting principles.
The original objective of audit was mainly to check if the receipt as payments of cash had been properly accounted for. Detection of financial embezzlement was another major objective of auditing. Hence mainly the cashbooks were audited. But modem auditing is principally done to
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