Financial statement users do not confuse auditing with accounting any longer.

Question

Quizplus · Accepted Answer

Many financial statement users still confuse auditing with accounting because both fields deal with financial information, but they serve different purposes. Accounting involves recording, summarizing, and reporting financial transactions, while auditing is the independent examination of financial statements to provide an opinion on their fairness and accuracy.

Financial Statement Users Do Not Confuse Auditing with Accounting Any