Definition;
Accounting is the systematic keeping of records of accounts of an
organization and preparation of financial statements at the end of
the year whereas auditing is the evaluation of the financial
statements to give the true and fair view of these financial
statements.
Timing;
Transactions in accounting are recorded on a daily basis.
Therefore, it is considered as a continuous process whereas
auditing is carried out on a periodic basis and usually audit of
accounts is done after the preparation of final accounts and it is
done merely on yearly basis.
Beginning;
Accounting starts where book keeping ends and auditing starts where
accounting ends.
Performed
by; Accounting is compiled by the employees of the company
whereas audit is done by an independent body which have no relation
with the company.
Purpose;
the purpose of accounting is to know the profitability and
financial position of an organization whereas the purpose of
auditing is to know the extent to which financial statements of an
organization gives the true and fair view.