Differences
This query is : Resolved
RAMANATHAN K
(Querist)
24 September 2014
What is the difference between accounting standards and standards on auditing?
Nikhil Kaushik
(Expert)
24 September 2014
accounting standards have been formulated to provide guidance for preparation of financial statements whereas standards on auditing are guidance for auditor for how to conduct audit.
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RAMANATHAN K
(Querist)
24 September 2014
For the preparation of balance sheet we must use both or only accounting standards?
Nikhil Kaushik
(Expert)
24 September 2014
as management you will only be looking at accounting standards. the auditor will doing his work will look at both the accounting standard and standards on auditing.
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RAMANATHAN K
(Querist)
24 September 2014
Thanks for the information.
Nikhil Kaushik
(Expert)
24 September 2014
you are welcome......
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