Accounting and Auditing (Relationship)

Accounting:

1.       Analyze events and transactions

2.       Measure and record  transaction data

3.       Clasify and summarize recorded data

4.       Evaluate Reasonableness of

5.       Prepare financial Statement per GAAP

6.       Distribute financial statement and auditor’s report to stockholders in annual

Auditing:

1.       Understand the client’s business and industry

2.       Obtain and evaluate evidence concerning the financial

3.       Verify statement are presented fairly in comformity with GAAP

4.       Express opinion in Audit report

5.       Deliver audit report to client

6.       Deliver value-added recommendation to management and the boad of directors