Difference Between Accounting & Auditing

Difference Between Accounting & Auditing

Back to a fundamental question, what is the difference between accounting and auditing from a financial perspective?

A quick answer is: Accounting is a process of preparing the works, Auditing is a process of evaluating & scrutinizing of the work prepared.

In other words, accountants are in charge of the day-to-day duties of maintaining the accounts, implementing the board financial strategy,  if any. At the end of the period, an accountant would produce Financial Statement, a summary report of the financial performance throughout the period. Whereas, an auditor would conduct a check on the accuracy of the financial statements, to ensure that there is no material misstatement  of the financial statements prepared.