1 As far back as 4000 B.C., historians believe, formalrecord-keeping systems were first instituted by organizedbusinesses and governments in the Near East to allay their4 concerns about correctly accounting for receipts anddisbursements and collecting taxes. Similar developmentsoccurred with respect to the Zhao dynasty in China (1122-2567 B.C.). The need for and indications of audits can be tracedback to public finance systems in Babylonia, Greece, theRoman Empire, the City States of Italy, etc., all of which10 developed a detailed system of checks and counterchecks.Specifically, these governments were worried aboutincompetent officials prone to making bookkeeping errors and13 inaccuracies as well as corrupt officials who were motivated toperpetrate fraud whenever the opportunity arose. Even theBible (referring to the period between 1800 B.C. and A.D. 95)16 explains the basic rationale for instituting controls ratherstraightforwardly: “…if employees have an opportunity to stealthey may take advantage of it.” The Bible also contains19 examples of good internal control practices, such as dualcustody of assets, restriction of access to assets, andsegregation of duties, as well as examples of the need for22 competent and honest employees. Historically then, theemergence of double-entry bookkeeping in circa 1494 A.D. canbe directly traced to the critical need for exercising stewardship25 and control. Throughout European history, for instance, fraudcases — such as the South Sea bubble of the 18th century, andthe tulip scandal — provided the justification for exercising28 more control over managers.S. Ramamoorti. Internal auditing: history, evolution, andprospects. p. 3. Internet: <https://na.theiia.org> (adapted).According to the text above, judge the following items. People have inherited from the Bible the notion that auditing is necessary because of the inherently dishonest nature of human beings.