Discuss the differences between auditing and accounting. What overlap in skills exists, if any, between auditors and accountants? How do the responsibilities of auditors and accountants differ? How are they similar?

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Solution Preview:

Accounting and auditing are two similar occupations which incorporate similar duties. Auditing is often considered to be a subcategory of accounting. Accountants are responsible for handling the day to day financial budgeting and bookkeeping of an organization. On the other hand, auditing is essentially independent evaluation and verification of records. Auditors analyze the records kept by a company’s accountants for accuracy and fairness. They help companies to ensure that they are performing within applicable regulations. Organizations need auditors not only to make sure they are running their books efficiently, but also to ensure they are not making errors which could get them into regulatory trouble. Both auditors and accountants work to ensure a company’s financial statements are accurate, current, and compliance with regulations. Accountants are generally the ones that prepare these reports through bookkeeping, tracking expenses and revenues, etc. An auditor’s job begins after the accountant’s work is complete. The auditor examines the financial statements prepared by the accountants and verify they are accurate and comply with regulations. Both jobs require a similar skillset but in general auditors