Financial accounting has historically involved processes by which financial transactions about a business is recorded, classified, summarized, interpreted, and communicated...
The moment we have more resources and transactions than we can keep track of in our mind, we need to put them on paper. Thus was born the book-keeping process. Book-keeping is a very old process, dating back from the early days of our civilization, which progressed fast after taxation and welfare was centralized from the king downwards. At one end of the book-keeping were those who were responsible for entering the various data under proper categories. They were called the Accountants. At another end were the men who would verify and cross check data on behalf of the central authority, to ensure that things were in order, and there has been no theft. They were the Auditors.
Accountancy or accounting is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. An Accountant, of course, is the person responsible for such calculation.
Audit, on the other hand, is the evaluation of an organization, system, process, or product. It is performed by a competent, objective, and unbiased person or organization, known as Auditor. The purpose is to verify that the subject of the audit was completed or operates according to approved and accepted standards, regulations, and/or practices. It also evaluates if conformance will continue.
In this section of 01webdirectory, we provide a list of financial services offering Accountancy and Auditing services.