Key Difference – Relevant vs Irrelevant Cost Relevant and irrelevant costs are two types of costs that should be considered when making a new business decision; thus, they are two main concepts in management accounting. Companies should clearly identify the changes to the cost structure as a result of a new decision they are […]
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 Perpetual Inventory System and Continuous Stock Taking
Key Difference – Perpetual Inventory System vs Continuous Stock Taking The key difference between perpetual inventory system and continuous stock taking is that perpetual inventory system is a method of inventory valuation where the increase or decrease in inventory is recorded immediately following a sale or purchase whereas continuous stock taking refers to the exercise of […]
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 Qualified and Non-qualified Annuity
Key Difference – Qualified vs Non-qualified Annuity Annuity is an investment from which periodic withdrawals are made. To invest in an annuity, an investor should have a large sum of money to be invested at once and withdrawals will be made over a period of time. Annuities can be divided into two main categories […]
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 Treasurer and Financial Secretary
Key Difference – Treasurer vs Financial Secretary Treasurer and Financial Secretary are two important personnel in a company, but these two words are often confused due to the perception that they perform similar roles. This is partially reasonable since both roles are performed by a single person in some organizations while others employ two […]
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 […]
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