What is it about?
Auditing has a long history in the United States dating back to the railroad industry of the mid 1800s. Audit committees originated as early as 1828 at the B&O Railroad and was institutionalized by the early 1850s at the M&O and Illinois Central Railroads. Both financial auditing and operational (value-for-money) auditing were emphasized at the 19th century railroads.
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Why is it important?
Most people are not familiar with the roots of modern auditing and the role played by the railroad industry.
Read the Original
This page is a summary of: Auditing in the United States: a historical perspective, Abacus, February 2005, Wiley, DOI: 10.1111/j.1467-6281.2005.00167.x.
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