This essay has been submitted by a student. This is not an example of the work written by professional essay writers.

Comparative Analysis of Accounting and Auditing

downloadDownload printPrint

Remember! This is just a sample.

You can get your custom paper by one of our expert writers.

Get custom essay

121 writers online


Table of contents

  1. Types of accountability
  2. Political
  3. Difference Between Acountability and Auditing
  4. Meaning

Accounting is a specialized language of business which helps to understand economic activities. It is an act of orderly, keeping the records of the daily monetary transactions of the business, the transactions are then classified into various groups followed by summarizing in a way that can be referred at an urgent time and thereafter analyzing and understanding the results of the financial statement and the results must be communicated to the interested parties.

Accounting is governed by Accounting Standards. The main function of accounting is to provide material information related to decision making. Cost accounting, management accounting, financial accounting, are the branch of Accounting.

The objectives of accounting are as follows:

  1. Proper record of transactions through Journal, Books, Ledger and Trial Balance.
  2. Disclose the profitability position from the records through Income Statement.
  3. Presenting the financial position through Statement of Financial Position.
  4. Provide necessary information about solvency and liquidity position to interested parties.

Types of accountability


It is the accountability of the government and politicians to the public bodies such as parliament. It refers to the commitment of government officials to act at the best interest of the society.


D. Crowther defines social accountability as a viewpoint to reporting a firm’s activities which give an identification of socially relevant behavior. It is mostly used for corporate social responsibility (CSR) and is used in organization such as NGO.


It is a scope that identifies resource use, measures and communicates costs of a company which may impact on the environment. Costs include are penalties and taxes, waste management costs, costs of clean up. It measures the effects of natural environment of a company in monetary terms.


It is a logical task which examine the financial information independently to give an opinion on the True and Fair view. Here organization refers to all the units regardless of the size, structure, nature and form.

Auditing is governed by Standard on Auditing. Auditing is a paramount inspection of each transaction that is the receipts, account books and documents are verified in order to show accuracy of the financial statement. Moreover, errors and frauds, manipulation in records or misappropriation can be detected through detailed analysis.

Difference Between Acountability and Auditing


Accounting means consistently keeping the records of the accounts of an organization and preparation of financial statements at the end of financial year.

Auditing means review of the books of account and financial statements of an organization.

Governed by

Accounting Standards

Standard on Auditing

Work performed by




To show the performance, profitability and financial position of an organization.

To reveal the fact that to which extent financial statement of an organization gives true and fair view.


Accounting starts where bookkeeping ends.

Auditing starts where accounting ends.


Accounting is an endless process.

Auditing is a periodic process.

Remember: This is just a sample from a fellow student.

Your time is important. Let us write you an essay from scratch

experts 450+ experts on 30 subjects ready to help you just now

delivery Starting from 3 hours delivery

Find Free Essays

We provide you with original essay samples, perfect formatting and styling

Cite this Essay

To export a reference to this article please select a referencing style below:

Comparative Analysis of Accounting and Auditing. (2019, March 12). GradesFixer. Retrieved February 9, 2023, from
“Comparative Analysis of Accounting and Auditing.” GradesFixer, 12 Mar. 2019,
Comparative Analysis of Accounting and Auditing. [online]. Available at: <> [Accessed 9 Feb. 2023].
Comparative Analysis of Accounting and Auditing [Internet]. GradesFixer. 2019 Mar 12 [cited 2023 Feb 9]. Available from:
copy to clipboard

Where do you want us to send this sample?

    By clicking “Continue”, you agree to our terms of service and privacy policy.


    Be careful. This essay is not unique

    This essay was donated by a student and is likely to have been used and submitted before

    Download this Sample

    Free samples may contain mistakes and not unique parts


    Sorry, we could not paraphrase this essay. Our professional writers can rewrite it and get you a unique paper.



    Please check your inbox.

    We can write you a custom essay that will follow your exact instructions and meet the deadlines. Let's fix your grades together!


    Hi there!

    Are you interested in getting a customized paper?

    Check it out!
    Don't use plagiarized sources. Get your custom essay. Get custom paper

    We can help you get a better grade and deliver your task on time!

    • Instructions Followed To The Letter
    • Deadlines Met At Every Stage
    • Unique And Plagiarism Free
    Order your paper now