Auditing and accounting are related but involve different functions - accounting prepares financial statements while auditing checks adherence to quality standards.
Auditing and accounting are closely related but entail different functions. Accounting involves recording, classifying, and summarizing economic events to prepare financial statements while auditing is the inspection of an organization's adherence to quality standards, often carried out by external auditors. One key difference is that accounting focuses on past financial data, whereas auditing evaluates the accuracy and fairness of those financial reports through inspections and examinations.
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