Distinguish Accounting, Auditing and Investigation, Difference between Accounting Auditing and Examination. In this post you can discover whatever you would like to know about Investigation, auditing and Accounting. Discover Distinction in between Distinctions Between Auditing And Investigation, Audit vs Examination, Distinction Between Accounting and Auditing. Recently we offer total information for Accounting Concepts & Conventions Now you can scroll down below and inspect total information for ” Distinguish Accounting, Auditing and Investigation”
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Distinguish Accounting, Auditing and Investigation
1. Accounting:
It is an art of recording, categorizing and summarizing monetary details, deals and events, and preparation of reports thereon. The main objective is to prepare monetary statements.
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2. Auditing:
An audit is the independent examination of financial information of any entity, whether earnings oriented or not, and irrespective of its size or legal kind, when such an evaluation is conducted with a view to revealing an opinion thereon. It is mandatory for corporate assesses and voluntary for proprietorship/ partnership company.
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3. Investigation:
Investigation indicates systematic, vital and special assessment of the records of an organization for a fixed particular purpose. It is a voluntary activity carried out at the circumstances of management. Example: Unique audit u/s. 233 A, Injustice & mismanagement u/s. 397-409
- Typical time duration of coverage may be less than or more than one monetary year
- Investigation is carried out on behalf of owners/ management/ third party. Financial or non-financial
- Comprehensive, extensive and through examination is needed.
- Investigation is begun with preconceived idea.
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