Finance Is there any difference between Accountancy and Audit?

Mataracy

VIP Contributor
Accountancy involves the maintenance of accounting records and documents like vouchers, invoice and receipt balancing of the book or transactions recorded in the various ledger, extraction of the trial balance,which shows the amount if profit or loss made during a particular period and the enterprise at a particular date, normally the enterprise accounting year end.

Auditing on the other hand commences on the conclusions of Accountancy function .

Audit functions normally entails an independent examination of the accounting records with the view to form an opinion on their truth and fairness, that is, the function normally involves an Auditor ( who is normally an accountant by profession)to give an opinion whether the accounting function have been properly carried and to verify the figure in the accounting books and records to ensure they are reasonable.

What is the difference that you can point to between Accountancy and Audit?
 

btaliat

VIP Contributor
Auditor checks the accuracy of the accountant in my own knowledge. Auditor is not a regular worker and at times, he's rendering service maybe once in a year and they are usually acting like consultant because they may be auditing for more than five companies at a time. Whereas accountant deals with the revenue and expenditures of a company. He keeps financial records too.
 
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