May 8
What is the primary difference between accounting and auditing services?
While both deal with financial records, their purposes differ. Accounting involves the daily recording, classifying, and summarizing of financial transactions (bookkeeping, payroll, and preparing financial statements). Its goal is to provide a real-time view of the business's health. Auditing, on the other hand, is an independent examination of those financial statements. An auditor verifies that the accounts are accurate, follow legal standards, and are free from material misstatement or fraud.
