Answer:
| Audit | Investigation | |
| Description | Auditing is the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size or legal | Investigation means an inquiry, or is the act of detail examination of activities so as to achieve certain objectives. |
| form, when such an examination is conducted with a view to expressing an opinion thereon | ||
| Owners | Audit is conducted for accountability purposes on behalf of owners who make the appointment. | Investigation may be conducted either by owner of the undertaking or by an outsider. |
| Purpose | To determine the true and fair view. | Varies from business to business |
| Process | Routine process | Investigation is not a regular process |
| Scope | It includes only an examination of the accounts of a business | It covers an examination of the accounts bur also covers an inquiry into other matter that are connected with the purpose for which it is undertaken |
| Employees | Does not examine personally | May examine personally |
| Person performing work | Audit is to be conducted by a chartered accountant or person recognized by regulatory body. | Investigation may be taking on even by a non-chartered accountant |
| Legal Obligations | Audit is mandatory under law | There are no such legal obligations with regard to investigation |