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Allama Iqbal Open University Solved Assignment, Semester Autumn 2013, Subject Name Auditing Subject Code 481 available now according to AIOU pattern, please visit following links for more AIOU assignments.
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Q 1: “Auditing begins where accounting ends” explain in detail. How does auditing differ from accounting?
Answer:Auditing begins where Accounting Ends Accounting involves recording, analyzing, processing and interpretation of data about the transactions of a business concerned. It is also concerned with the preparation of the financial statements (i.e. profit and loss account and balance sheet) and other reports for the use of management. On the other hand Audit is the procedure of checking and determining the accuracy, reliability, correctness and completeness of financial record and their compliance with financial statements. The main purpose of audit is to express opinion about the correctness and reliability of accounts and the financial position of the business concerned. The financial statements are invariably prepared at the end of the financial year of a business. The external auditor, however, audits the accounts and the annual statements. In other words, the auditor makes an examination of the vouchers and accounts and then checks profit and loss account and balance sheet with the books. His main object is to verify whether the balance sheet the true and correct view of the financial position of the business concerned or not.
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