Audit and Assurance: Meaning, Services, and Key Differences
Introduction Every business, whether a startup or an established corporation, needs audit and assurance to maintain transparency, accuracy, and stakeholder confidence. In India, compliance with the Companies Act, Income Tax Act, and SEBI regulations makes audit and assurance services essential for smooth functioning. This guide will explain: What is audit and assurance Difference between audit and assurance Types of auditing and assurance services Audit and assurance meaning in India Importance of accounting & taxation services alongside audit assurance By the end, you will clearly understand how audit assurance builds credibility and why companies must know the difference between audit and assurance for compliance and growth. What is Audit and Assurance? What is Audit? An audit is a systematic review of financial statements and records to ensure accuracy, compliance, and fairness. In India, statutory audits are mandatory for companies abo...