What is the difference between auditing and accounting?
An audit is an independent examination of financial statements of an entity with the purpose of expressing an opinion on those statements. Accounting is the measurement, processing and reporting of financial information about a business. Accounting is typically done in-house, while an audit must be performed by an independent firm.
"Accounting involves the recording and reporting of financial information for an entity and is typically done by internal employees of the company. Auditing is an independent examination of the financial information prepared by the company in order to express an opinion on the financial statements. The personnel conducting the audit are from an independent firm. While many large organizations have an internal audit function, it is the external auditors that issue the opinion."
