What Distinguishes an Auditor from an Accountant?

For most of us, tax consultant in India is one of the most remarkable careers to pursue!! But do an accountant and auditor sound similar to you?

Don't feel alone if you fit this description. Generally, this is one of the first queries people with an interest in accounting jobs ask.

This blog intends to answer how an accountant from an auditor is different. There are some obvious distinctions between being an accountant and an auditor, despite the similarities and frequent confusion between these two professions. Find out more below.

Let’s understand first:

What Accountants Do?

Accountants handle a company's or businesses day-to-day financial transactions. Their responsibilities may include a variety of jobs ranging from receiving the money to making payments.

They might be in charge of calculating payrolls and tax deductions, paying vendors, putting electronic, cheque, and cash payments into place, preparing tax returns, and year-end book reconciliation. Depending on the type of accountant, an accountant's responsibilities may also change.

What Do Auditors Do?

Even though they also have very different responsibilities, auditors frequently carry out many of the same activities as accountants. Although auditors and accountants have similarities and distinctions, many businesses utilize these two professions interchangeably. Find out tax consultant in Kolkata form here.

So, what precisely separates an auditor from an accountant?

The appropriate response to this query is that an auditor is typically tasked with reviewing the work of the accountant, even though both of these experts are accountable for a company's accounting procedures.

What distinguishes an auditor from an accountant?

Despite the similarities between these two professions, there are a few key distinctions between an accountant and an auditor.

• Auditors are frequently recruited from an outside firm to confirm the accuracy of the accountant's work, although accountants are typically employees of the company for which they work. An auditor typically has no financial ties to the company, though this isn't always the case.

• Unlike auditors, who often undertake quarterly or yearly accounting work, accountants perform their work on a daily basis.

• The work done by accountants is governed by worldwide accounting standards, whereas the work done by auditors is guided by auditing standards, and auditors are frequently invited into a company after a specific situation, such as suspected fraud.

• A firm often needs accountants, but employing an auditor is an alternative as well.

• At year's end, accountants provide financial statements for the business. These assertions paint a picture of the company's financial soundness. The correctness of the financial statements will be examined by an auditor.

• Because they work for a specific business, accountants typically have their own workstation or office. On the other hand, auditors frequently switch between businesses.

Are you looking for an internal auditor in Bangalore? Check-out QWIRK!

QWIRK is a professional marketplace that assists organizations in locating curated qualified professionals for short-term jobs and projects in India. The organization began by concentrating on the domains of finance, audit, tax, and accounting.