Question

Write the relationship between audit and finance?

Answer 1

Answer:

Financial management makes decisions about managing finances: managing cash, using credit, paying bills, minimizing tax bills and borrowing costs, ensuring money for the firm’s current plan, and reporting the status of the finances. They are one part of the broader management team, and have a direct role in planning and can actually contribute profits or losses to the bottom line via their decisions.

Auditors are more like investigators or quality control: they don’t make business decisions, they make sure the financials being reported actually match the reality of what the company is doing. They usually are independent of management: they report to the board of the company, not the management they are auditing; they often have the mandate to look at anything they choose; they sometimes have a forensics function: collecting and analyzing evidence of serious wrongdoing if things are really out of control.

1.audit refers to the systematic process of examining verify of data related to the financial activities of an organization.

2.auditor is a professional inside audit

Financial management

1.Financial management refers to managing the fund of an organization.

2.finance manager is a professional inside finance management.