In this video on Audit vs Assurance, here we discuss top differences between Audit vs Assurance along with infographics and comparison table.
๐๐ก๐๐ญ ๐ข๐ฌ ๐๐ฎ๐๐ข๐ญ?
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The audit is the evaluation process of the accounting entries present in the companyโs financial statement.
๐๐ก๐๐ญ ๐ข๐ฌ ๐๐ฌ๐ฌ๐ฎ๐ซ๐๐ง๐๐?
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Assurance is the process of analyzing and used in the assessment of accounting entries and financial records.
๐๐ข๐๐๐๐ซ๐๐ง๐๐ ๐๐๐ญ๐ฐ๐๐๐ง ๐๐ฎ๐๐ข๐ญ ๐ฏ๐ฌ ๐๐ฌ๐ฌ๐ฎ๐ซ๐๐ง๐๐
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#1 โ The audit is conducted through an internal auditor or an external auditor. Whereas, Assurance is conducted by an audit firm.
#2 โ 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 โ The audit is the first step. Whereas, Assurance if followed by the audit.
To know more about the ๐๐ฎ๐๐ข๐ญ ๐ฏ๐ฌ ๐๐ฌ๐ฌ๐ฎ๐ซ๐๐ง๐๐, you can go to this ๐ฅ๐ข๐ง๐ค ๐ก๐๐ซ๐:- https://www.wallstreetmojo.com/audit-vs-assurance/
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