Key Difference – By Product vs Waste By product and waste are two components that should be managed effectively in order to control costs. The key difference between by product and waste is that by product is a secondary product obtained incidentally in the manufacturing process of the main product whereas waste is defined […]
Difference Between Materiality and Performance Materiality
Key Difference – Materiality vs Performance Materiality According to Audit & Assurance Services Policy (AASP), the concept of materiality is applied by the auditor when planning and performing the audit since the auditor has to provide an opinion on whether the financial statements are materially correct. The key difference between materiality and performance materiality […]
Difference Between Financial Audit and Management Audit
Key Difference – Financial Audit vs Management Audit Financial audit and management audit are two important types of audits. While management audit is conducted according to specific requirements, financial audit is conducted on an annual basis. The key difference between financial audit and management audit is that financial audit is an audit conducted to […]
Difference Between Internal Audit and Internal Control
Key Difference – Internal Audit vs Internal Control Internal audit and internal control are two main aspects of any type of organization. In general, these two terms are often confused and used interchangeably; nevertheless, they are different from each other. The key difference between internal audit and internal control is that internal audit is […]
Difference Between Internal and External Audit
Key Difference – Internal vs External Audit The audit process is one of the essential aspects of an organization for its long-term survival and success. An audit committee is appointed by the board of directors to review the effectiveness of audit process of the company. Internal audit and external audit are the two main […]
Difference Between Stocktaking and Stock Control
Key Difference – Stocktaking vs Stock Control Inventory is one of the most significant current assets to a company and is available in the form of raw materials, work in progress (unfinished goods) and finished goods. Irrespective of the form they are in, maintaining inventory is costly due to holding costs; thus it should […]
Difference Between Audit Risk and Business Risk
Key Difference – Audit Risk vs Business Risk Business actions are subjected to various risks that can reduce the positive effects they can bring to the organization. Audit risk and business risk are two main types of risks that should be controlled and continuously monitored. The key difference between audit risk and business risk […]
Difference Between Autocratic and Bureaucratic Leadership
Key Difference – Autocratic vs Bureaucratic Leadership Leadership style should be carefully chosen depending on the type of the organization and the workforce. Autocratic and bureaucratic leadership are two popular styles of leadership among many. The key difference between autocratic and bureaucratic leadership is that autocratic leadership is a leadership style where the leader […]
Difference Between Inherent Risk and Control Risk
Key Difference – Inherent Risk vs Control Risk Inherent risk and control risk are two important terminologies in risk management. Business actions are subjected to various risks by nature that can reduce the positive effects they can bring to the organization. The key difference between inherent risk and control risk is that inherent risk […]
Difference Between Customer Centric and Customer Focused
Key Difference – Customer Centric vs Customer Focused The key difference between customer centric and customer focused is that customer centric organizations operate by focusing their marketing efforts on customers’ lifetime value by offering a number of products that they want in different phases of life whereas customer focused organizations operate with a strong […]
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