What is the difference between audit and accounting

Q: Define/explain following terms in your own words: 1). Compliance Audit 2). Difference between…

A: Introduction Compliance Audit 1) The aim of a compliance audit is to determine if the provisions of…

Q: Answer co

A: Error of ommission are those errors which are completely ommited to be recorded in the books of…

Q: Regarding special-purpose frameworks, (a) why do they exist, and (b) can financial…

A:

Q: Where can an auditor find a client’s documentation of the accounting system?

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: How would you distinguish forensic accounting, fraud auditing, and investigative auditing from…

A: Auditing is the process of analyzing the financial statements, and look whether the financial…

Q: As an auditor, how would you audit the following Internal Control Revenue

A: Answer: Auditor is the person who audits the financial statement to present independent opinion. The…

Q: What is forensic accounting? How Accounting Information System is used to achieve this?

A: Forensic accounting is investigation over financial statements, accounting records, and other notes…

Q: What Is Forensic Accounting?

A: Forensic Accounting i an integral part of Accounting.Its basically kind of Hindsighting in a legal…

Q: Difference between business risk and audit risk?

A: Risk is the chances that actual will differ from expected results.

Q: What is the difference of Internal Audit from External Audit?

A: Lets start with the basics. Audit is a examination of the books of account of the organization.…

Q: what are the different types of audit documents?

A: Audit documentation is the record of procedures performed, evidence obtained, and conclusions…

Q: Which of the following statements is/are true with regard to Audit?   (A) Auditing is as old as…

A: An audit is an independent examination of financial information of an entity whether profit-oriented…

Q: What is the primary duty of an auditor?

A: Primary duty of an auditor: Primary duty of an auditor is to express an opinion on the financial…

Q: What is the relationship between the audit procedure and audit evidence used in the auditor's work…

A: Audit working papers contains the findings of the auditor which have been obtained in the course of…

Q: How is Accounts Payable audited?

A: Accounts payable:   Accounts payable refers to the money payable by the company to outside entities…

Q: What is Legal Liability of Auditors?

A: Concerns about the legal obligation of auditors continue to grow daily. Auditors are very important…

Q: Define auditing. How is auditing different from accounting?

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Why do auditors focus on revenue as a significant account and the occurrence of revenue as a…

A: Revenue cycle records all the transactions that originate from selling a product and lead to…

Q: What creates the demand for financial statement audit?

A: The primary and utmost objective of audit is to certify and provide reasonable assurance that…

Q: What is the difference between an auditor and accountant?

A: Accounting: Accounting is recording of day to day financial transactions of the business in order to…

Q: What is the purpose of the auditors’ opinion and report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: When and How internal audits are carried

A: An internal audit is a kind of audit which provides risk management and assesses the effectiveness…

Q: How does the concept of materiality influence the auditors’ report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: How does audit risk relate to audit evidence?

A: Audit Evidence   The information obtained by the auditor from numerous sources (finance records,…

Q: What are the differences between an external audit and an internal audit?

A: Internal audit is performed within organization by the auditor appointed by management.

Q: on

A: Yes, cultural influences are likely to have an impact on accounting measurement or disclosure…

Q: audit evidence

A: Dear Student,  Indian Standard on auditing 500 deals with " Audit Evidence" .   as per this standard…

Q: How would you tell the difference between financial audits and forensic accounting, fraud auditing,…

A: This question explains about financial audits and forensic accounting, and fraud auditing, and…

Q: How does criminology differ from the study of accounting or auditing?

A: Criminology is a detailed scientific study of various tools that analyzes the root cause i.e. the…

Q: accounting and auditing

A: Accounting is started when the bookkeeping is completed. Whereas, auditing is started when…

Q: What is the desired benefit from revising an accounting standard?

A: Financial Accounting Standards Board:   It is commonly known as FASB. It is a private, non-profit…

Q: 1. Explain the difference between Accounting and Auditing

A: Hi student Since there are multiple questions, we will answer only first question. Accounting and…

Q: what are Audit Assumption

A: Answer: The audit that is conducted is such that there are assumptions made.

Q: Does the audit opinion extend to the "other information"? Explain. *

A: Auditing refers to the process of scrutinizing the financial statement of the business entity and…

Q: Audit Client Acceptance Procedures

A: Audit Client Acceptance Procedures are certain procedures to be followed by the auditor before…

Q: Does computerization of data processing affect the objective of financial statement audit? Discuss.

A: Auditing is the process of verifying, and assessing the financial statements of a company through…

Q: Explain differential effects on accounting standards.

A: Accounting standards deals with the issues of: Recognition of events and transaction in financial…

Q: How does the ethics are important in the accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is the difference between accounting and auditing?

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Q: Distinguish between management’s and the auditor’s responsibility for the financial statements being…

A: The responsibility of the management is for making fair representations in the financial statements,…