{"id":258229,"date":"2023-12-07T09:11:28","date_gmt":"2023-12-07T09:11:28","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=258229"},"modified":"2024-07-31T13:06:52","modified_gmt":"2024-07-31T13:06:52","slug":"the-ultimate-guide-to-audit-and-taxation","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/the-ultimate-guide-to-audit-and-taxation\/","title":{"rendered":"The Ultimate Guide to Audit and Taxation"},"content":{"rendered":"

For anyone seeking to establish a career in accounting, whether to work as an auditor or a taxation professional is a decision they often struggle with. Many people get anxious when choosing between establishing a career in auditing or taxation.\u00a0<\/span><\/p>\n

Although both may seem the same, there is a lot of difference between the two. If you, too, are stuck in between the devil and the deep blue sea, here\u2019s some help. Irrespective of your chosen career, enrolling in <\/span>ACCA courses<\/a><\/strong> can be the stepping stone to a successful career. In order to take a final call, we need to understand how each of the two can stand as career choices.\u00a0<\/span><\/p>\n

This article discusses in detail how an accounting professional or an aspiring certified chartered accountant (ACCA<\/a>) can establish a career in auditing and taxation.\u00a0<\/span><\/p>\n

Are Auditing and Taxation the Same?<\/span><\/h2>\n

Let\u2019s start with this basic question: \u201cAre auditing and taxation the same?\u201d The answer is no.\u00a0<\/span><\/p>\n

Auditing refers to the evaluation of accounts, books, and all records bearing the transactions made by an organisation. Audit helps to ensure that a company has been practising fair business.\u00a0<\/span><\/p>\n

On the other hand, taxation refers to the fiscal policy of the government, according to which individuals and companies are bound to pay a fraction of their taxable income to be used for public services. It is a way in which the government derives money from businesses or citizens carrying out profitable activities within the boundaries of the country.\u00a0<\/span><\/p>\n

An <\/span>ACCA course<\/span><\/a> can help you acquire specialisation in the field you want. Let us now break down both these domains as career options.<\/span><\/p>\n

Career as an Auditor\u00a0<\/span><\/h2>\n

To put it simply, auditing is the official examination of the financial records of a business, and a professional assigned to this task is an auditor. The primary task of an auditor is to pour over expense reports and financial statements to ensure a company\u2019s adherence to the government's regulations.\u00a0<\/span><\/p>\n

As an auditor, you will have to examine an organisation's internal functions. You will be responsible for working both within the organisation and with external stakeholders, such as government agencies.\u00a0<\/span><\/p>\n

The next section talks about some of the prime responsibilities you will be entrusted with as an auditor.\u00a0<\/span><\/p>\n

Responsibilities of an Auditor\u00a0<\/span><\/h2>\n

Auditing is a complex career and involves a lot of responsibilities. Some of the responsibilities of auditors are as follows:<\/span><\/p>\n