Publication Details
Journal: International Journal of Business Diplomacy and Economy
Issue: Vol 2, No 10 (2023)
Pages: 4-6
ISSN: 2833-7468
DOI: 10.51699/ijbde.v2i10.2666 Visit Article Page

Abstract

Accounting and auditing are two important components of the financial world that work together to ensure the accuracy, transparency and reliability of financial information. While accounting involves recording, summarizing, and reporting financial transactions, auditing serves as an independent verification process to assess the fairness and appropriateness of financial statements. In this article, we will explore the basic concepts of accounting and auditing, their interrelationship, and their importance in business.

Keywords
accounting auditing financial management financial transactions financial statements balance sheet income statement cash flow statement accounting principles accounting standards independent examination assurance stakeholders investors lenders regulatory authorities
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