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.

Perspectives

Much of the modern innovations in auditing had their roots in the 19th century railroads.

Dr Dale L. Flesher
University of Mississippi

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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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