different between accounting vs auditing

English

Etymology

• First attested in the late 14th century.
• account +? -ing

Pronunciation

• IPA^(key): /?.?ka?n.t??/

Verb

accounting

1. present participle of account

Noun

accounting (usually uncountable, plural accountings)

1. (business) The development and use of a system for recording and analyzing the financial transactions and financial status of an individual or a business.
2. A relaying of events; justification of actions.

   He was required to give a thorough accounting of his time.

3. (law) An equitable remedy requiring wrongfully obtained profits to be distributed to those who deserve them.
   • 2020, Liu v. SEC (U.S. Supreme Court No. 18-1501), Justice Thomas dissenting:

     In contrast, an accounting for profits, or accounting— a distinct form of relief that the majority groups with disgorgement — has a well-accepted definition: It compels a defendant to account for, and repay to a plaintiff, those profits that belong to the plaintiff in equity.

Derived terms

Translations

Adjective

accounting (not comparable)

1. Of or relating to accounting.

See also

• accountancy

English

Verb

auditing

1. present participle of audit

Noun

auditing (plural auditings)

1. The act or result of performing an audit.