History of Auditing - Early Audit Records

History of Accounting > History of Auditing > Early Auditing Records

Many interesting references to auditing are supplied by the existing records of the Livery Companies of London and of the burghs of Scotland, to the accounts. The Remembrances of the meeting of the Worshipful Company of Grocers of the City of London of 21st May 1346, state that after the feast, ” and the cloth taken away,” the money and valuables of the Fraternity were delivered to the newly elected Wardens ” in the presence of William Grantham, William Hanapstede, Thomas Freland, and John de Bromsford, who were chosen by all the Company to superintend the accounts and the delivery of the aforesaid Wardens.” This procedure was gone through annually, the details of the funds handed over being entered in the Wardens’ accounts.

The accounts, or “Audit Books,” of The Worshipful Company of Pewterers of the City of London were audited by members of the Craft.

The Book of Ordinances of 1564 contains the following ” Order for y* audytors ” :—

Also it is agreed that there shalbe foure Awdytours Chosen euery yeare to awdit the Crafty accomptf and they to parvse it and search it that it be parfect. And also to accompt it Correct it and a.iowe it So that they make an ende of the awdet therof between Mighelmas and Christmas yearely and if defaute be made of ffenishinge thereof before Christmas yearely euery one of the saide Awdytours shall paye to the Craftf boxe vj s. viij d. a pece.

The auditors ” parvsed and searched” the accounts to some purpose. In 1465-1466 they refused to certify the accounts of the year because the balance of the preceding year had not been included. In 1547-1548 the following items were disallowed:—

Jftn the therde daye of August spent at ye ale howse . . ij d. spent at an ale howse at yelde Hal] when mr Curteyes prentyce was made free . . . . . iij d.

The accounts of 1560 do not meet with the auditors’ approval, the Wardens having charged themselves with an insufficient amount. It is recorded—

(ttXd that this accompt was awdyt the xxij daye of Decemfor in Anno Dfli 1560 and in the therd yere of the Raigne of or Soveraigne lady Quene Elyzabethe, by us Wittm Baker, Wittm Mills, Nicholas Turft And Richard Scot. So that we fynde by the neclygence of mr Hustwayte, Nicholas Crostwayte and John Gery warden theise pcells following.

Again, in 1573-1574, the auditors took exception to certain payments, and referred the decision of the matter to the Court of the Company, and the latter disallowed two of the items.

in the accounts of 1574-1575 occur the following quaint entries consecutively:—

3fem receyued, of John God, for his abuse, & greate radge, had and vsed, to Richarde Parke, his Jorneyman at an vndue howre, of the nighte, … …..vs.

3fem receyued, of the same Richarde Parke, for his contempteous vsadge, in strikinge, his saide maister, & for takinge further wages, of him, then by the lawes, of this realme, he oughte, to doo, ………vs.

JfctU paide vnto the Beadle, that deade is, for his quarters wages, due at Michaelmas laste, . . . . . . xx s.

To this account is appended the following docquet:—

037e, thincke it not reasonable, that these Accomptantf, be allowed, that two Shillingf, wch they saie, was loste, by an Angell, taken of John God, & his man, by waie of ffyne, ij s.

(Ttor, that any allowaunce, shalbe made them, for the some of xx s. w** they saie, was spent, by Thomas Hawkf, and Roberte Newes, in Jorneyinge, to ypswitche, vnles, the companie thinck, of it otherwise, for to what ende, that Jorney was made, or of any proffyte, that came of it, we knowe nothinge, as yet, . . . . . . xxus.

Though the auditors were liable to be fined 6s. 8d. each, as we have seen, if the audit were not completed in due time, they themselves had power to fine the highest officials. In 1581 it is recorded:—

3fm we (the auditors) fynd the mr and wardens mr nogaye master mr Chawner & mr wood for brech of cartayne ordynaunces in ther tyme the matter being put vnto vs to determyne we order that ech one of them shall paye or geue vnto the house xx s. a pece that is to saye thre poundes or the valew of thre poundes in any thyng as they shall thynke betwyxt thys and the fest St. John baptyst neit comyng or els iij li of money.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)

Enter you Email and Win!

Sign up for our drawing for an Apple IPhone to help you organize your business contacts, calendar events, and more, by subscribing to our periodic newsletter. Simply add your email below and you will be enrolled. We will never, ever sell or spam your email, and you can cancel at any time!

Cite this page:

Contribute meaningful comments to the Accounting community...