Differences between Accounting & Audit

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Differences between Accounting & Audit - Javaid - 12-06-2004

please list down some points about Differences between Accounting & Audit

JAVAID

- sajjad_dar2000 - 12-06-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
please list down some points about Differences between Accounting & Audit

JAVAID
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

One major point which would cover all other pointsâ¦

Accounting is work to be done by accountants etc and audit to check the work done by accountant etc. (my own definition<img src=icon_smile_approve.gif border=0 align=middle>or<img src=icon_smile_dissapprove.gif border=0 align=middle>)

- derivativetrader - 12-07-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
please list down some points about Differences between Accounting & Audit

JAVAID
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

One major point which would cover all other pointsâ¦

Accounting is work to be done by accountants etc and audit to check the work done by accountant etc. (my own definition<img src=icon_smile_approve.gif border=0 align=middle>or<img src=icon_smile_dissapprove.gif border=0 align=middle>)

<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

There was this guy at my university preparing for his interview with EY and he asked me this question. Guess what? I said the same, even though I don't know much about accountancy besides 3 statements.

DT

- ali4u3 - 12-07-2004

yep MAR sajjad is right ...)
i think its the simplest difference b/t auditing and accounting ...good (Y)

Never seek advice from a Chartered Accountant. They are trained to find problems not solutions.

- Mr. Whappaaaa - 12-07-2004

SALAM JAVAID

Accounting is the preparation of financial statement( like income statment, bal. sheets,cash flow statments, fund flow etc. etc), made by managments (Accountants, B.O.D) while AUDIT is to give an opinion that these financial statments( which is made by Accountants) are prepared in a true & fair view in context with report form.

ASIF ALI

- maani - 12-13-2004

agreed with sajjad

Ace

- ophie - 12-17-2004

I studied difference between audit and accounting in B.Com. Now I cant recall it and hence unable to reply .........<img src=icon_smile_blush.gif border=0 align=middle><img src=icon_smile_blush.gif border=0 align=middle><img src=icon_smile_blush.gif border=0 align=middle><img src=icon_smile_blush.gif border=0 align=middle>

- Mr. Whappaaaa - 12-18-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>I studied difference between audit and accounting in B.Com. Now I cant recall it and hence unable to reply .........<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

Then y u r giving ur foolish opinion on the forum... javaid want to ask some relevent difference b/w accounting & audit and forum members have said him, hence no need to show over efficiency.

REGARDS

ASIF ALI

- the_farhan - 12-18-2004



hey mates, i read a very good definition of accounting. it is actually formulated by American Accounting Association (AAA)

"the process of identifying, measuring, and communicating economic information to permit informed judgements and decisions by users of the information"

i read it in MANAGEMENT AND COST ACCOUNTING, 4/ed, Colin Drury.

now for auditing as the word it self means to audit, to evaluate, examin, or, authenticate, or endorse some thing. auditing can be for accounts, financial statements, as well as for non financial aspects of business. eg. the marketing departments of good companies conduct 'marketing audit' n then it saudit reports are generated. these r then analysed n discussed with top management including director of marketing, CEO, BoD etc



FARHAN

live, n let live ...

- sajjad_dar2000 - 12-19-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>
<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>I studied difference between audit and accounting in B.Com. Now I cant recall it and hence unable to reply .........<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

Then y u r giving ur foolish opinion on the forum... javaid want to ask some relevent difference b/w accounting & audit and forum members have said him, hence no need to show over efficiency.

REGARDS

ASIF ALI
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

ASIF ALI SAHAB UGGAR HUM FOOLISH OPINION DAI RAHAY HAIN TO AP NAI KOHI ACHA SA REPLY DAI DAINAA THA

to understand the diffrence b/w Audit and Accounting read the following -

ACCOUNTING AND BOOKKEEPING

In Accounting and Bookkeeping, we constantly check and double-check our figures to make sure that our books balance. Do we employ the same kind of analysis to our time that we do to financial figures? Thousands of years ago, Socrates said, "The Unexamined Life is not worth Leading". It is easy to get in a grind and perform our daily tasks without ever questioning why we do it that way in the first place.
Zig Ziegelar tells a story of a woman that was cooking a ham. She cut the end off of the ham and put it into her roaster pan. Her husband asked her why she did it that way. She said it was because it was how her mother had done it. The husband was curious, and called his mother-in-law to find out why she cut the end off the ham before cooking it. She said that she had done it because HER mother had also done it that way. Well, the husband was really wondering now, so he called his wife's grandmother to solve the mystery once and for all. When asked, she said that she cut the end off the ham because her roaster was too small to cook an entire ham in it. How many things do we do the way we do them without really asking ourselves why?

AUDIT

1) An examination and verification of a company's financial and accounting records and supporting documents by a professional, such as a Certified Public Accountant. An IRS examination of an individual or corporation's tax return, to verify its accuracy.
2) The independent examination of records and activities to ensure compliance with established controls, policy, and operational procedures, and to recommend any indicated changes in controls, policy, or procedures
3) The examination of some or all of the following items documents, records, reports, systems of internal control, accounting procedures, and other evidence, for one or more of the following purposes (a) determining the propriety, legality, and mathematical accuracy of proposed or consummated transactions; (b) ascertaining whether all transactions have been recorded; and © determining whether transactions are accurately reflected in the accounts and in the statements drawn therefrom in accordance with accepted accounting principles.

Regards

Sajjad Dar

- Mr. Whappaaaa - 12-19-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>ASIF ALI SAHAB UGGAR HUM FOOLISH OPINION DAI RAHAY HAIN TO AP NAI KOHI ACHA SA REPLY DAI DAINAA THA<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

HAHAHAHAHAHAHAH

DEAR SAJJAD
I was saying to MR. OPHIE only not all of u.plzz read again my previous post. and also my previous PASTE(QUOTE)which was OPHIE VOICE. I think u cant understand.

ASIF ALI

- ophie - 12-20-2004

As far as I can understand from my own mail ......... I didnt express no opinion ....... I just refrained myself from expressing an opinion due to my lack of knowledge.........I have been branded as foolish ........... ahhhhhhhhhhhhhhhhhhhhhhhh....... Mr. Whappaaaaaaaa .......... that was senseless reply from your side .... As senseless as your nick .........

Sticking feathers up your butt wont make you a chicken

- Mr. Whappaaaa - 12-21-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>As far as I can understand from my own mail ......... I didnt express no opinion ....... I just refrained myself from expressing an opinion due to my lack of knowledge.........I have been branded as foolish ........... ahhhhhhhhhhhhhhhhhhhhhhhh....... Mr. Whappaaaaaaaa .......... that was senseless reply from your side .... As senseless as your nick ......... <hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

UR PREVIOUS POST

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>I studied difference between audit and accounting in B.Com. Now I cant recall it and hence unable to reply .........<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

In ur 2nd post as mentioned above u said that i studied ....thats why u dont want to call it again .. but in ur first post u said due to ur lack of knowldege u expressed no opinion WOW ... what a complicated thinking...lolzz

And also MR.PORN STAR ...its not a senseless reply if u dont know the difference b/w accounting & audit then u should not use ur first post, it is quite separate.. and my nick is senseless then ur nick should be obsoleted...understand MR. POPIYE.....ohhhhhhhh .. i mean OPHIE.

ASIF ALI

- ophie - 12-21-2004

First Mr. Appocalypse ........ Now Mr. Whappaaaaa .......... Why do I always have to deal with brainless members?????????? Someone at every forum wants to have a personality clash with me ........ Mr. Whappaaaaaa I dont want to mess up and repeat the same old story .... I think moderators have to take notice of this behaviour ........... Cmon MODERATORS ......... Please help me out ....... Otherwise I'll have to apply for my humbleself to be considered as moderator ........<img src=icon_smile_evil.gif border=0 align=middle><img src=icon_smile_evil.gif border=0 align=middle><img src=icon_smile_evil.gif border=0 align=middle><img src=icon_smile_evil.gif border=0 align=middle><img src=icon_smile_evil.gif border=0 align=middle><img src=icon_smile_evil.gif border=0 align=middle><img src=icon_smile_evil.gif border=0 align=middle>

- Mr. Whappaaaa - 12-22-2004

<BLOCKQUOTE id=quote>quote<hr height=1 noshade id=quote>First Mr. Appocalypse ........ Now Mr. Whappaaaaa .......... Why do I always have to deal with brainless members?????????? Someone at every forum wants to have a personality clash with me ........ Mr. Whappaaaaaa I dont want to mess up and repeat the same old story .... I think moderators have to take notice of this behaviour ........... Cmon MODERATORS ......... Please help me out ....... Otherwise I'll have to apply for my humbleself to be considered as moderator<hr height=1 noshade id=quote></BLOCKQUOTE id=quote>

HUH..... If we are a brainless members then ur brain i think have been totaly spoiled, coz u have entered some PORNSTARS in ur brain.And i think moderator should take huge amount of notices with u coz of ur SENSELESS topics,those topics are changing the environment of the forum. So plzz moderator ..think about him..
AND i dont want to discuss furthermore in this topic to u .. ok.. Mr. OPHIE.. firstly change ur behaviour then say to others..bye bye ..

ASIF ALI