In this Conceptual-analytical article, the concept of water accounting and the necessity of the role of water accounting in water governance have been explained, as well as the correction of common previous beliefs and assumptions, and the step-by-step description of the water accounting cycle. For this purpose, the basic concepts related to these issues, such as food security, water security, water accounting and water auditing have been proposed at the beginning. Then, the key features of the water accounting approach, as well as the importance of water accounting and auditing as a tool for evaluating good governance, have been considered in detail. At the end, the topics of water accounting and auditing in water management and governance have been stated and the final conclusion has been made. Water accounting provides information about the trend of water supply and demand in space and time and examines the underlying causes of the imbalance in water supply and demand by different water users, the stability of the current level of water consumption, and the efficiency or effectiveness of water use by different stakeholders. Therefore, water accounting is increasingly considered critical for evidence-based policymaking related to water resources. In practice, basic information, including biophysical and technical data, does not necessarily translate into relevant political choices and their successful implementation on the ground. Many theories have attributed the growing challenges in water resources to a "crisis of governance". Understanding the physical and technical limitations in water resource management approaches, as well as the importance of institutional and political factors in shaping water-related policies and determining the methods of implementing these policies, seems essential.