Final answer:
While accountants focus on managing and reporting financial information, auditors examine the financial practices and compliance of an organization. Auditors require additional expertise such as audit principles knowledge, analytical skills, and independent judgment. Their role is crucial in a free enterprise system to maintain financial integrity and ensure correct business taxation.
Step-by-step explanation:
The roles of accountants and auditors share similarities and differences within a business environment. Accountants are primarily responsible for managing and reporting a company's financial information, including preparing financial statements, ensuring the accuracy of financial documents, and performing cost analysis. They help businesses make informed financial decisions and adhere to accounting standards. Auditors, on the other hand, are tasked with examining the financial statements and accounting practices of a company to ensure their accuracy and compliance with relevant laws and regulations.
Auditors require additional expertise compared to accountants, such as a thorough understanding of audit principles and techniques, meticulous attention to detail, and strong analytical skills. They need to be familiar with a range of audit software and possess the ability to understand complex financial systems. Moreover, auditors must have excellent judgment to assess risk and the integrity of financial information, often providing an independent assessment of a company's financial practices and internal controls.
This independent verification by auditors is vital within a free enterprise system, where businesses must exercise financial transparency and integrity. In such systems, companies are taxed based on their income, and therefore, the roles of accountants and auditors are integral to ensure that an enterprise meets its tax obligations correctly.