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What is the difference between audit and compliance?

Audit is an independent examination of business financial statements so as to issue opinion on whether the financial statement are prepared in accordance with acceptable financial reporting framework and show true performance and position of the business. Audit is conducted according to the requirements of countries laws and regulations and international standard on auditing. The auditor when conducting audit aim … Read the rest

5 means by which accountants can be encouraged to act in the public interest.

The role of the accountant under certain situations is to consider the public interest before the interest of his client or employer to protect society against some forms of financial risk. In executing this role, the accountant is required to ensure that the codes of ethics of professional accountants are complied with. Such compliance should lead to the highest … Read the rest