The term 'Audire' means to hear/listen. The word 'audit' is derived from the Latin word 'audire' which means 'to hear/listen'. In the olden days whenever the proprietors of a business concern suspected fraud, they appointed a person to check the accounts and to hear the explanations given by the persons responsible for keeping the accounts. The audit during those days was interested in ascertaining whether the persons responsible for maintaining amounts had properly accounted for all receipts and payments to his principal and to locate frauds and errors. It was merely a cash audit. However, the object of the modern audit is not confined to cash verification but to report on the financial position of the undertaking as disclosed by its Balance Sheet and the Profit and Loss Account. Thus, the term 'Audior' means listening.