In this video on Audit vs Assurance, here we discuss top differences between Audit vs Assurance along with infographics and comparison table.
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐀𝐮𝐝𝐢𝐭?
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The audit is the evaluation process of the accounting entries present in the company’s financial statement.
𝐖𝐡𝐚𝐭 𝐢𝐬 𝐀𝐬𝐬𝐮𝐫𝐚𝐧𝐜𝐞?
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Assurance is the process of analyzing and used in the assessment of accounting entries and financial records.
𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐁𝐞𝐭𝐰𝐞𝐞𝐧 𝐀𝐮𝐝𝐢𝐭 𝐯𝐬 𝐀𝐬𝐬𝐮𝐫𝐚𝐧𝐜𝐞
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#1 – The audit is conducted through an internal auditor or an external auditor. Whereas, Assurance is conducted by an audit firm.
#2 – Audit tells about any misrepresentation that happens in financial records, any misuse of funds, any fraud and any dishonest activity that a company does. Whereas, Assurance specializes in evaluating the improvement of information quality within an organization.
#3 – The audit is the first step. Whereas, Assurance if followed by the audit.
To know more about the 𝐀𝐮𝐝𝐢𝐭 𝐯𝐬 𝐀𝐬𝐬𝐮𝐫𝐚𝐧𝐜𝐞, you can go to this 𝐥𝐢𝐧𝐤 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/audit-vs-assurance/
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