12-19-2004, 01:12 AM
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<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" 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></font id=quote><font face="Verdana, Tahoma, Arial" size=2 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
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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 -
<u>ACCOUNTING AND BOOKKEEPING</u>
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?
<u>AUDIT</u>
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 (c) determining whether transactions are accurately reflected in the accounts and in the statements drawn therefrom in accordance with accepted accounting principles.
Regards
Sajjad Dar
<BLOCKQUOTE id=quote><font size=1 face="Verdana, Tahoma, Arial" 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></font id=quote><font face="Verdana, Tahoma, Arial" size=2 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></font id=quote><font face="Verdana, Tahoma, Arial" size=2 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 -
<u>ACCOUNTING AND BOOKKEEPING</u>
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?
<u>AUDIT</u>
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 (c) determining whether transactions are accurately reflected in the accounts and in the statements drawn therefrom in accordance with accepted accounting principles.
Regards
Sajjad Dar
