Difference between audit and accounting

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Audit focuses on verifying financial information for accuracy and compliance, while accounting involves recording, classifying, and summarizing financial transactions.

Audit is an independent examination of financial information, whereas accounting involves the preparation and maintenance of financial records.
Auditors provide assurance on the accuracy and reliability of financial statements, while accountants are responsible for preparing those statements.
Audit is typically performed by external parties, while accounting is usually done internally within an organization.
Accounting involves activities such as bookkeeping, financial reporting, and budgeting, while audit focuses on evaluating the effectiveness of internal controls and detecting fraud.
Examples: An accountant records daily transactions and prepares financial statements, while an auditor reviews those statements to ensure compliance with regulations and accuracy of information.

Difference between audit and accounting

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