This is the most widely practised ritual in modern Western ceremonial magic, performed daily by people in traditions that otherwise share very little, and it is regularly described as ancient. It is not. It was assembled in England, in the material of an order founded in 1888.
Its components are older and can be individually traced. The four archangelic names invoked at the quarters are scriptural and pseudepigraphic. The divine names vibrated in the opening and closing, the Kabbalistic Cross, are Hebrew, and the closing formula corresponds to the ending of the Lord's Prayer. The pentagram as a protective figure appears in medieval and Renaissance magical literature, and Agrippa discusses it.
The assembly is the new part. The sequence of tracing an earth-banishing pentagram at each of the four quarters, in a specific order, while vibrating a specific divine name at each, then calling the four archangels by direction, framed at both ends by the Kabbalistic Cross, is a composition. It belongs to the order's Neophyte material, where it functioned as a basic exercise given early, and it reached the general public through Regardie's publication of the order's papers from 1937.
Its ubiquity is a consequence of that publication rather than of any tradition. Nearly every subsequent Western magical current, Thelemic, Wiccan in some lineages, the various reconstructions of the order itself, and a great deal of unaffiliated solitary practice, uses it or a direct adaptation. When a practice appears in every branch of a tradition it is natural to assume it lies at the root, and here the opposite is true: it appears everywhere because it was printed once, in a widely available book, at a moment when almost nothing else of the kind was in print.
None of this bears on whether it works, on which its practitioners are the relevant witnesses and are broadly agreed. It bears on the historical claim only. A ritual from the 1890s, published in the 1930s, is a modern composition of great practical importance, and describing it as ancient obscures a fairly well documented history in favour of a vaguer and less interesting one.