audit

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17 March 2011 difference between accounting standards and standard of auditing

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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21 March 2011 Please noted that Accounting is concerned with the preparing of financial statements while auditing is concerned with checking of financial statements. The purpose of accounting is to show the performance and financial position Of a business. The purpose of auditing is to certify the true and fair view of financial statements.

Accounting requires that an accountant must have accounting knowledge while auditing work required that an auditor must have accounting as well as auditing knowledge. Accounting is concerned with current data. It is constructive in nature. Auditing is concerned with past data. It is analytical in nature. The time period of accounting is usually one year. It takes one year to complete record. The time period of auditing is usually less than one year. It may be completed within one month.

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