Introduction:
Accountancy and auditing are two interconnected fields that are essential for the smooth functioning of businesses and organizations. However, there is a debate about whether accountancy is a necessity while auditing is a luxury.

Arguments in favor:
1. Accountancy is a necessity:
Accountancy is the process of recording, classifying, and summarizing financial transactions to provide accurate financial information. This is essential for businesses to make informed decisions and to comply with legal requirements.

2. Auditing is a luxury:
Auditing is the process of examining financial statements to ensure they are accurate and comply with accounting standards. While auditing is important for ensuring the integrity of financial information, it is not a legal requirement for all businesses. Smaller businesses may not have the resources to conduct audits and may rely on accountancy to provide accurate financial information.

Arguments against:
1. Auditing is a necessity:
Auditing is necessary to ensure that financial statements are accurate and reliable. It provides assurance to stakeholders that financial information can be trusted, which is important for making investment decisions.

2. Accountancy is a luxury:
While accountancy is essential for businesses, some argue that it is a luxury for individuals. Many individuals may not have the resources or need for professional accountancy services and may rely on personal finance management.

Conclusion:
In conclusion, both accountancy and auditing are essential for businesses to operate effectively. While there may be debates about which is a necessity and which is a luxury, both fields play important roles in providing accurate financial information and ensuring the integrity of financial statements.