Question

Identify the link between accountants and auditors

Identify other types of audits

               Forensic

               Internal

               Governmental

Identify other services performed by accountants and auditors

Answer 1

Answer:

a) Identify the link between accountants and auditors - Basically there are no differences between the accountants and auditor in terms of services rendered. Accountants take care of business transactions in terms of money with recording it properly so as to establish the financial facts correctly as per prescribed guidelines in proper adopted formats and auditor conducts a check on the same and certifies the same as correct and proper.

b) Forensic audit - It is a type of audit which is done in order to ensure that the financial transaction statements which have already been recorded have been done accurately and lawfully. This particular audit is done from the legal point of view.

c) Internal audit - It is a type of audit which is done by own employee of an organization and not by any other external agency.

d) Governmental audit - It is a type of audit conducted where Government provides fund in order to ensure that its utilization is being done as per framed guideline and procedures.

e) Identify other services performed by accountants and auditors.

- Accountants performs its duties on daily basis on financial aspects of the company.  

- Auditor checks and verify the accountants work and gives a certification on the same.

- Accountant follow accounting standards while recording company's financial transaction.

- Auditor checks its correctness and gives suggestion for its improvements as well as implementation wherever required which accountant is bound to follow.