Discuss the significance of auditing for managing a school.

Audit is an instrument of financial control. It acts as a safeguard on behalf of the proprietor(s) (govemment/funding agency) against extravagance, carelessness or fraud on the part of the proprietors' agents or servants (in our case employees of the school, responsible for maintaiiling the school accounts) in the realization and utilization of the funds or other assets. An audit also ensures that the accounts maintained truly represent facts and that expenditure has been incurred with due ___ ____ _______ _________ _______ __________ _____ ______.
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