B A AUDITING SOLVED ASSIGNMENT 1 CODE 481
B A auditing solved assignment # 01 for the semester autumn 2015 code 481 is presenting for you students. The first question is differentiate between auditing and accounting and personal and professional qualities of an auditor.
Basically accounting is the process of recording, classifying and summarizing of the events or activities of business and purpose of these recording, classifying and summarizing is providing financial information to the investors so that they make better decision. While the auditing is determining whether recorded information properly to the business events that occurred during the accounting period. Its main duties are observe, valuate and recommend the financial statement and the firm. Audit is independent appraisal performed by an independent expert of an activity or event. There are operational, technical, ecological and other types of audit. Most commonly, nevertheless, this term refers to audits of financial statements.
Following are the some differences between auditing and accounting:-
Accounting: Accounting means the maintaining of the books of accounts.
Auditing: Auditing means examining the books of accounts and reporting about their accuracy.
Accounting: Defined by management, check the responsibility and duties by concerned management.
Auditing: In book keeping scope is defined by the law.
Accounting: In accounting there are IAS laws international Accounting Standards.
Auditing: In auditing there are IAS laws International Auditing Standards.
Accounting: Remuneration is also given to Accountants for their services as reward.
Auditing: In case of Auditor, always take fee not remuneration.
PERFORMANCE OF WORK:-
Accounting: Accounting job is performed by the accountant.
Auditing: Jobs are performed by the Auditor.
Accounting:- accountant is appointed by the management.
Auditor: Auditor is appointed by the Shareholders.
Accounting: – For the accountant no specific qualification is required.
Auditing: – for Auditor specific qualification is required.
In-spite of all above points there is a big list which differentiate accounting and auditing. The major qualities of an auditors are being given in hard form of your solved assignment for this course 481. You students can take by viewing all pages of this assignment.