In the context of corporate finance, accounting firm and audit firm refer to the same type of business: a professional company that provides accounting and auditing services to businesses and individuals. The main difference between an accounting firm and an audit firm is that an accounting firm only provides accounting services, while an audit firm also provides financial consulting services. An accounting firm and an audit firm both have extensive knowledge of financial reporting standards, such as US GAAP and IFRS. They also have experience with tax law and project management. An accounting firm can provide many types of services, such as bookkeeping and tax preparation. An audit firm specializes in reviewing the financial statements of businesses, in order to make sure they are accurate according to their industry’s standards.