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The US Economy In The 1920s-1960's

302 Words2 Pages

The growth of the US economy in the 1920s-1960s had caused a shift of auditing development from the UK to the USA. In the years of recovery after 1929, investment in business entities grew rapidly. As companies grew in size, the separation of the ownership and management functions became more evident. Hence to ensure that funds continued to flow from investors to companies, and the financial markets function smoothly, there is a need to convince the participants in the financial markets that the company’s financial statement provided a true and fair portrayal of the relevant company’s financial position and performance. The primary objective of an audit was mainly to provide credibility to the financial statements prepared by company managers

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