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• Auditing is an independent examination of company accounts and expression of an opinion whether they contain a true and fair view of company’s state of affairs. Financial Accounting is the recording, classifying and summarizing events of an economic entity in order to assist management in decision making.
• While auditing is conducted once in a financial period and usually at the end, financial accounting is a continuous process throughout the financial period of a company.
• Auditing is governed by ISA while Financial Accounting is guided by GAAPs.
Wilfykil answered the question on April 11, 2019 at 06:26
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