Great question! Audit and Assurance Services play a crucial role in ensuring the accuracy, transparency, and credibility of financial information. These services involve examining a company's financial records, internal controls, and processes to verify that the reported financial information is accurate and reliable.
One key distinction between audit and regular financial reporting is that audits are conducted by independent third-party professionals. They provide an unbiased evaluation of a company's financial statements, internal controls, and financial processes. On the other hand, regular financial reporting is usually done by the company's internal accounting team.
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