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- Dictionaryaudit/ˈɔːdɪt/
noun
- 1. an official inspection of an organization's accounts, typically by an independent body: "audits can't be expected to detect every fraud"
verb
- 1. conduct an official financial inspection of (a company or its accounts): "unlimited companies must also have their accounts audited"
- 2. attend (a class) informally, without working for credit: North American "he made use of the knowledge gleaned from economics classes he audited"
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As a result of an audit, stakeholders may evaluate and improve the effectiveness of risk management, control, and governance over the subject matter. In recent years auditing has expanded to encompass many areas of public and corporate life. Professor Michael Power refers to this extension of auditing practices as the "Audit Society". [ 4 ]
AUDIT definition: 1. to make an official examination of the accounts of a business and produce a report 2. to go to a…. Learn more.
The meaning of AUDIT is a formal examination of an organization's or individual's accounts or financial situation. How to use audit in a sentence.
Auditing, or a financial audit, is an official examination and verification of a business’s financial records. The main goal of auditing is to make sure that a company’s financial statements are accurate and are following regulatory guidelines.
Auditing is defined as the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements.
Definition: The audit basically means an examination of financial reports or other reports by the independent person or organization where the opinion is expressed based on the fact of their review. There are many types of audits and different levels of assurance provided by auditors.
Auditing typically refers to financial statement audits or an objective examination and evaluation of a company’s financial statements – usually performed by an external third party. Audits can be performed by internal parties and a government entity, such as the Internal Revenue Service (IRS).
Jun 2, 2024 · An audit is an unbiased examination of the financial statements of an individual or organization. Three main types are external audits, internal audits, and IRS audits.
noun. an official examination and verification of accounts and records, especially of financial accounts. a report or statement reflecting an audit; a final statement of account. the inspection or examination of a building or other facility to evaluate or improve its appropriateness, safety, efficiency, or the like:
/ ˈɔːdɪt / us. Add to word list. an examination of all the financial records of a company by an independent person in order to produce a report. audit. verb [ T ] auditor. noun [ C ] (Definition of audit from the Cambridge Learner's Dictionary © Cambridge University Press) Translations of audit. in Chinese (Traditional) 金融, 查…的賬目, 審計… See more.
