Accounting and Auditing: Theory Origin and Development Path

Accounting is always accompanied with auditing. In 1950s, management auditing emerged with the rise of management accounting. From current view, the fundamental motivation of auditing and accounting development is accountability, and both of their ultimate goal is adding value. Therefore, the integration of financial and management accounting is an irresistible trend in the long term, and they will finally bloom into “pan accounting”, whose core is value chain accounting. Financial auditing and management auditing are also merging into a risk-oriented and value-added auditing.