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Definition of Accounting and Auditing

Accounting is the measurement, translation, or provision of assurance about information that helps managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and government agencies. Accounting is the art of measuring, communicating and interpreting financial activity. Broadly, accounting is also known as the "language of business".  

Accounting aims to prepare an accurate financial statements that can be used by managers, policy makers, and other interested parties, such as shareholders, creditors, or owners. Daily records involved in this process is known as bookkeeping. Financial accounting is a branch of accounting where the financial information of a business is recorded, classified, summarized, interpreted, and communicated. 

Auditing, a related discipline but remains separate from the accounting, is a process whereby an independent examiner review the financial statements of an organization to provide an opinion or opinions - which makes sense but is not guaranteed to be completely - about the fairness and compliance with generally acceptable accounting principles.

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