Discuss the difference between auditing and accounting
Auditing and accounting are essential parts of any business. Accounting of financial transactions in a business is essential to know the status of a business from the view point of stake holders, creditors, and promoters. In fact, without proper accounting a business is like a lame horse who does not know where and how to proceed. Auditing is necessary to check and restore the veracity of accounts. It omits errors and mistakes that may have taken place during preparation of accounts either due to human errors or due to misappropriation of entries or for any other reasons.