What is the difference between Audit and Assurance?

Audit is the process of checking the accuracy of financial reports of the entity if it is presented fairly and is free from material misstatements. Assurance is the process of analyzing for assessing the quality of information in the financial records of the entity.

Audit seeks to check the accuracy of financial reports to ensure they are free from material mistatements and conform to the principles .

Assurance on the other hand is geared to critical analysis of principles and procedures used in the assessment of financial and accounting records of the client

Audit checks the accuracy of financial reports whereas

 Assurance is the process of analyzing and used in the assessment of accounting entries and financial records. ... 

Audit is conducted in accordance with mentioned framework (e.g. International Auditing Standards) with the purpose of giving opinion, that whether audited financial statements present true and fair view of an entities financial position and performance according to the mentioned framework (e.g. IFRSs). Whereas assurance is aimed at assessment of the accuracy, efficiency and effectiveness of the system that generates all the accounting records and information providing base for the financial sytatements of the entity. In nutshell, audit speaks about results of the accounting and financial reporting system, whereas assurance also speaks about the efficiency of the system generating those results.