Accounts and Audit
Accounting and audit have a pivotal role to play in the financial record keeping process of any business though their roles are different in their focus. While accounting translates to a much wider field, encompassing everything from the organization to the management of the flow of money through the company, auditing is more of a specialized service.
What is the importance of
Accounting as a field is vast and comprises many areas of specialization within its framework. Auditing is one of such specializations. While accounting deals with the tracking and recording of financial transactions auditing fulfills the role of verifying the accuracy of the accounts. Auditing in many ways determines the integrity of the whole accounting system of a company. Auditing of financial statements on an annual basis is important even if you are a non profit or a public company. This will add credibility for your accuracy. Even when auditing is not mandatory it is a good practise to have it in place.