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AUDITING PANEL 1 Topics Include:- 1 Difference between Accounting & auditing. 2 Objectives of auditing 3 Advantages of an audit. Q # 1 : Difference between Accounting & Auditing. Difference between accounting and auditing work should be clear because nature, scope and type of work are different in both fields. Accounting:                      “Accounting is an art of recording the business transaction in the books of accounts and to prepare a financial statement”. Auditing:                 “The auditing is the examination and checking of accounting records and financial statements”.          Process of accounting                                                       Process of auditing                                                    Cash Flow Statement          Journal                                     Reporting                  Ticking