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AUDIT AND FINANCIAL ACCOUNTING, DIFFERENCES AND THEIR SIMILARITIES

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AUDIT AND FINANCE
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AUDIT AND FINANCE ACCOUNTING: DIFFERENCES AND SIMILARITIES
Financial accounng entails provision of knowledge a few business or company in sort of
monetary statements that area unit then created public. These statements are units usually
read on an annual basis and employed by management and alternave interested pares to
create choices. The data contained within these monetary statements should provide a true and
honest read of the state of a)airs in the organizaon.
Auding could be a check administered by a freelance auditor to create posive that what a
corporaon is spoken communicaon regarding its +nances is true. Auding thus adds
believability to the monetary statements by guaranteeing the provision of correct and reliable
monetary info.
Dierences between Auding and monetary Accounng
• Auding is a freelance examinaon of company accounts and expression of an opinion
whether or not they contain a real and honest read of company’s state of a)airs. Monetary
Accounng is that the recording, classifying and summarizing events of an economic enty so as
to help management in higher cognive process.
• Whereas auding is conducted once in an exceedingly monetary amount and typically at the
top, monetary accounng could be a connuous method throughout the monetary amount of a
corporaon.
• Auding is ruled by ISA whereas monetary Accounng is guided by GAAPs.
Similaries between Auding and monetary Accounng

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NAME COURSE CODE COURSE TITLE DATE Financial accounting entails provision of knowledge a few business or company in sort of monetary statements that area unit then created public. These statements are units usually read on an annual basis and employed by management and alternative interested parties to create choices. The data contained within these monetary statements should provide a true and honest read of the state of affairs in the organization. Auditing could be a check administered by a freelance auditor to create positive that what a corporation is spoken communication regarding its finances is true. Auditing thus adds believability to the monetary statements by guaranteeing the provision of correct and reliable monetary info. Differences between Auditing and monetary Accounting - Auditing is a freelance examination of company accounts and expression of an opinion w ...
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