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In fact we can say that this is the picture and it`s negative;
Managing and preparing Financial Statements are the building the pyramid from the bottom up to the top.
Or painting the picture .While the Audit is the looking at the picture that being finished from the top up to the details at the bottom.
Both of them are very important and have a different point of view. Even if you work as an auditor for a time then work at the same company as an auditor, you will find your self have different attitude and methodologies.
Many Thanks for inviting.
The Main difference between Management financial statement is prepared for internal reporting that is used by management for further developement of business.
Audited Financial statement is prepared for External reporting purpose mainly to the external stake holders like creditors, government and legal compliance
The first one in unapproved and the second is the final
I agree with Professor answer / Tamer
Management Financial Statements provide information to people within an organization while Audited Financial Statements are mainly for those outside it, such as shareholders
Management Financial Statements are required by law while Audited Financial Statements are not Specific standards and formats may be required for statutory accounts such as in the I.A.S International Accounting Standard within Europe.
Management Financial Statements cover the entire organization while Audited Financial Statements may be concerned with particular products or cost centres.
Audited Financial Statements are actually prepared or made after the changes made by auditors in Management's Financial Statement.
Thank you for your invitations:
I do agree with Anil Lalwani answers