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Due diligence vs audit

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Uma asked about 3 years ago

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

Reporting accountants may perform certain aspects of the due diligence assignment in accordance with ISAs, but in contrast to statutory audit, the scope of the due diligence assignment is very much driven by the nature, size, complexity and client-requirements.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered about 3 years ago

But Due Diligence is the opposite term.... where it goes beyond legal compliance it thoroughly studies the company from to and fro and from all corners extensively it is primarily done by and advisory firm appointed by investor intending to invest in a particular company...

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Harshal answered about 3 years ago

The Basic Difference between Audit & Due Diligence is that Audit is bounded by some Laws, rules & regulations of governments etc... it is some what legal compliance. But Due Diligence is the opposite term.... where it goes beyond legal compliance it thoroughly studies the company from to and fro and from all corners extensively it is primarily done by and advisory firm appointed by investor intending to invest in a particular company... or it may also be legally bounded in some cases where Due Diligence is to be conducted but the scope of DD is far more than Audit and it is not limited to rules and regulations or sections of company laws but more than that... If you need any further information please let me know....

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