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Audit vs Assurance | Top Differences You Must Know! [Video]

Audit vs Assurance | Top Differences You Must Know!

In this video on Audit vs Assurance, here we discuss top differences between Audit vs Assurance along with infographics and comparison table.

๐–๐ก๐š๐ญ ๐ข๐ฌ ๐€๐ฎ๐๐ข๐ญ?
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The audit is the evaluation process of the accounting entries present in the company’s financial statement.

๐–๐ก๐š๐ญ ๐ข๐ฌ ๐€๐ฌ๐ฌ๐ฎ๐ซ๐š๐ง๐œ๐ž?
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Assurance is the process of analyzing and used in the assessment of accounting entries and financial records.

๐ƒ๐ข๐Ÿ๐Ÿ๐ž๐ซ๐ž๐ง๐œ๐ž ๐๐ž๐ญ๐ฐ๐ž๐ž๐ง ๐€๐ฎ๐๐ข๐ญ ๐ฏ๐ฌ ๐€๐ฌ๐ฌ๐ฎ๐ซ๐š๐ง๐œ๐ž
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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 ๐€๐ฎ๐๐ข๐ญ ๐ฏ๐ฌ ๐€๐ฌ๐ฌ๐ฎ๐ซ๐š๐ง๐œ๐ž, you can go to this ๐ฅ๐ข๐ง๐ค ๐ก๐ž๐ซ๐ž:- https://www.wallstreetmojo.com/audit-vs-assurance/

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