An accountant works with individuals or organizations, handling monetary transactions by recording financial information. Their job may also include financial analyzing and reporting, preparing tax returns, auditing accounts, and/or acting as consultants on a wide variety of financial matters.
Whereas an auditor has a responsibility to plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by error or fraud. So financial auditors in most cases also have training in accounts. It is important to note that auditors are not just financial auditors and you can have systems auditors, quality control auditors and other forms of auditors.
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Accountants take care of the daily financial transactions for a company or business. Their duties can cover various tasks that range from incoming earnings to outgoing payments. They may be in charge of figuring payrolls and tax deductions, paying vendors, implementing cash, check and electronic payments, preparing tax returns and reconciling the books at year end. An accountant’s duties may also vary depending on what type of accountant they are. Auditors often perform many of the same tasks as accountants, although they also have very different responsibilities. While both these professionals are responsible for the accounting processes of a company, an auditor is generally responsible for reviewing the work of the accountant.
As similar as these two occupations are, there are several differences between an accountant and an auditor.
• Accountants are usually employees of the company for which they work, whereas, auditors are often hired from an outside firm to verify the accuracy of the accountant’s work. Although not always the case, an auditor generally has no financial connections to the company.
• The work done by accountants is done on a daily basis, whereas auditors usually perform quarterly or annual accounting work. Auditors are often brought into a company after a specific situation, such as suspected fraud.
• The work performed by accountants is governed by international accounting standards, but auditors’ work is regulated by auditing standards.
• Accountants are generally a requirement for a business; however, hiring an auditor is an option.
• Accountants create financial statements for the company at year-end. These statements create a picture of the financial stability of the company. An auditor will look over the financial statements and determine their accuracy.
• Because accountants work for a specific company, they generally have their own office or workspace. Auditors, on the other hand, often move around from company to company.