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1. Explain the difference between Accounting and Auditing

1. Explain the difference between Accounting and Auditing

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Answer the following questions :
 
 
 
1. Explain the difference between Accounting and Auditing 2. Why auditing is important? 3. Explain the basic objective of auditing as provided for in PSA 120 4. What are the differences and similarities of the following: Audits of financial statements, • Compliance audit, and Operational audits? 5. What are the major differences in the scope of the audit responsibilities for CPAS, COA Auditors, BIR agents, and internal auditors?
Transcribed Image Text:1. Explain the difference between Accounting and Auditing 2. Why auditing is important? 3. Explain the basic objective of auditing as provided for in PSA 120 4. What are the differences and similarities of the following: Audits of financial statements, • Compliance audit, and Operational audits? 5. What are the major differences in the scope of the audit responsibilities for CPAS, COA Auditors, BIR agents, and internal auditors?
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