Abdulrazak disclosed that as part of the stewardship accounting
designed to make NNPC's operations transparent to the public, the inherited six-year unaudited accounts of the corporation have been audited up to date, stressing that the account for 2017 has been fully audited, approved and forwarded to relevant authorities.
In ancient times, stewardship accounting developed to handle the accounts of temples and sovereigns, as well as merchants or landed gentry who employed stewards to handle their estates.5 Organizations involve actions, thoughts, information, and motives of more than one person.
With the development of labor markets, especially managerial labor markets, hierarchical organizations became an efficient form and stewardship accounting evolved to serve them.
The development of markets for financial capital has led to differentiation of publicly held corporations and financial-reporting model of accounting from simple bookkeeping and stewardship accounting for privately held firms.