Questo 7 Which one of the following is NOT the correct difference between accounting and auditing? Not yet answered Auditing is carried out on continuous basis with daily recording of financial transactions, while accounting is basically a periodic process which is usually on yearly basis Accounting covers all transactions, records and statements having financial implications while auditing mainly covers final financial statements and records Accounting starts usually where book-keeping ends while auditing always starts where accounting ends Accounting is usually carried out by an internat employee of the company, but auditing is carried out by an external person or independent agency