Question

COMPARE AND CONTRAST THE DIFFERENCE BETWEEN AN ACCOUNTANT AND AN AUDITOR? WHAT CERTIFICATIONS ARE NEEDED FOR AN ACCOUNTANT AND AN AUDITOR?

Answer 1

The following is the difference between the Accountant and Auditor

1. Accountant is usually the employee of the company whereas auditor is the employees of the audit firm whose main work is the independent appraisal of the books of accounts prepared by the Accountant.
2. Accountant follows the generally accepted accounting standards whereas an Auditor follows the audit standards.
3. Accountant performs day to day process whereas Auditor performs audit after a fixed period of time.
4. Accountant provides necessary information for decision making whereas Auditor does not take part in decision making.
5. The financial statements are provided by accountant at the end of the financial year whereas Auditor provides the true and fair view of the financial statements.

The Accountant and Auditor requires the following certificates such as Certified Public Accountant ((CPA), Certified Financial Analyst (CFA) , Certified Management Accountant (CMA), Certified Internal Auditor (CIA) , Certified Informationsystems Auditor ( CISA)