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I think what you're saying is that accounting is necessary to keep the company's books and records straight ... but auditing is a luxury as it is just validation of the accounting (as well as some other checks around fraud, internal controls, etc.)

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Chris Hawkins

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โˆ™ 2020-07-10 16:49:17
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Curtis Strite

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โˆ™ 2020-07-10 18:57:46
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Q: Accountancy is necessary while auditing is a luxury comment?
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How is Accountancy necessary but auditing is luxury?

It is necessary for company to maintain books of accounts and that's why accountancy is a must activity but it is not mandary to conduct audit of financial statement for private companies and only necessary for public companies.

Is accounting is a necessity while auditing is a luxury for a business enterprise?

accountancy is necessity. it may be treated as a necessity because of the following reason. it helps us to know if the firm is suffering from loss or profit, any small firm can get take the help of a person having knowledge of accountancy and does not have to pay large amount it helps us to know the real position of the business auditing as luxury whereas to get our accounts audited we have to pay good amount of money to auditor . only those firm whose transaction are in large amount can bear the cost of auditing it is also a waste of time for small business because it involves at alot of time more over employees efficiency are decreased because even for small things they are called and questioned about those things azmat(9852419025)

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