Question

How is auditing different from other types of accounting? In your view should anything be done to strengthen the auditing profession and the quality of audit reports?

Answer 1

•The maintainance of financial transactions of a company is called accounting.It includes cash,check, electronic payment and credit cards whereas audit is a scrutiny of the accounting books of a particular financial year.It is an indept review of the transaction of the company

•Audit checks the accuracy and validity of the accounting process which is done by a specific professional CPA's whereas accouting can be done my anyone

•Unlike auditing accounting is a daily process whereas auditing is done on annually or quaterly

To strengthen the auditing profession the audit work from the specified body that does its job with due diligence,that help is finding important audit evidence and keeping proper record of it, Professional scepticism should always be there while performing audit, Documentation is also very important which can be used as audit evidence,and check that the staff is well equipped and have specified knowledge of the job work, professional behaviour should also be there while performing audit

Thus, these will help to strengthen the audit professional and the quality of audit report