Audit and Assurance Explained: Meaning, Services, and Key Differences
Introduction When businesses grow, managing accounting & taxation services becomes increasingly complex. This is where audit and assurance services play a crucial role. Many entrepreneurs and professionals are often confused about the difference between audit and assurance , or even the difference between audit and accounting . Understanding these concepts is essential to ensure compliance, accuracy, and trust in financial statements. In this blog, we’ll simplify what is audit and assurance , their meaning, scope, and differences, while also exploring the role of HR consultants in Delhi , who provide strategic support for growing organizations. What is Audit and Assurance? One of the most asked questions is: what is audit and assurance? Audit : An audit is a systematic process of examining financial statements to verify their accuracy and compliance with accounting standards. Assurance : Assurance goes beyond audit—it provides confidence to stakeholders tha...