The importance of detecting fraud as an audit objective has changed markedly over the period from 1844 to the present time. State the significance of fraud detection as an audit objective in each of the following periods:

(i) 1844–1920s

(ii) 1920s–1960s

(iii) 1960s–1980s

(iv) 1980s–present.

List reasons to explain the change in the importance of fraud detection as an audit objective in each of these periods.