Key Differences

Vouching is the soul of Auditing because it forms a base for an effective audit procedure. Vouching means "to vouch" i.e. examine the vouchers. On the other hand, Verification means "to verify" the assets and liabilities of the business. Both the two terms are the first two steps of Auditing, infact vouching helps in the process of verification. In firner terms, Vouching implies the act of checking the vouchers, to identify the authenticity of the transactions recorded. Conversely, … [Read more...]

Audit alludes to a process of independent checking of financial records of an organization, so as to give an opinion on the financial statement. It can be grouped into two categories, namely, Internal Audit and External Audit. Internal Audit is not compulsory by nature but can be conducted to review the operational activities of the organization. In this type of auditing, the work area is determined by the entity's management. On the contrary, External Audit which is obligatory for every … [Read more...]

In general, Auditing is conducted to verify the extent of truthfulness and fairness of the financial records of an entity, but Investigation is performed to prove a certain fact. The scope of the auditing is based on the Standards on Auditing, but the scope of the investigation rests on the terms of engagement. It is quite normal that people get confused between these two terms easily due to lack of knowledge and proper understanding. Auditing is a process of identifying whether the results … [Read more...]

Job Analysis and Job Evaluation are the two important functions of Human Resource Management to know the characteristics of a particular position. Both the tasks are performed by an expert, to provide pertinent information about the two. Job Analysis is a process which determines job requirements while Job Evaluation ascertains the value of a job in relation to other jobs. Job Analysis is performed with an objective of obtaining relevant facts and details related to the job. On the flip side, … [Read more...]

The main difference between Personnel Management and Human Resource Management lies in their scope and orientation. While the scope of personnel management is limited and has an inverted approach, wherein workers are viewed as tool. Here the behavior of the worker can be manipulated as per the core competencies of the organization and are replaced when they are worn-out. On the other hand, human resource management has a wider scope and considers employees as the asset to the organization. It … [Read more...]

With the help of job analysis, two main documents are prepared namely, job description and job specification. Job Description differs from job specification, in the sense that the former is a statement that explains the essential needs of a job whereas the latter is a statement which states the least qualifications, required in the job holder for the performance of a particular job. These are an integral part of HRM because it is required for every single position of the organisation, whether … [Read more...]

Job Analysis can be understood as the process of gathering information related to the specific job. The information encompasses knowledge, skill, and ability, possessed by the incumbent, to perform the job effectively. It is helpful in the preparation of job description and job specification. Job description is a document indicating what a job covers, i.e. tasks, responsibilities, duties, powers and authorities, attached to a job. In finer terms, Job Analysis means an in-depth examination and … [Read more...]

In an organization, various employee development programs are undertaken, so as to raise their level of performance. Two such programs are coaching and mentoring. While coaching is the process of training and supervising a person to better their performance. On the other hand, mentoring refers to the counseling process carried on to guide and support a person for his career development. Coaching is an on-the-job management development program, that occurs between an employee and his immediate … [Read more...]