Search results
- 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"
Powered by Oxford Dictionaries
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.
Meaning of Audit is a thorough inspection of the books of accounts of the organization. The person who carries out an audit is the auditor. There are various features of auditing and types of audits. Let us understand Audit meaning in detail.
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. An audit can apply to an entire organization or might be specific to a function, process, or production step.
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.
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." [1] .
Jun 2, 2024 · An audit is the review or inspection of a company or individual's accounts by an independent body. Auditors may be hired internally by the company or work for an...
1. a. : a formal examination of an organization's or individual's accounts or financial situation. The audit showed that the company had misled investors. b. : the final report of an audit. 2. : a methodical examination and review. an energy audit of the house. audit. 2 of 2. verb. audited; auditing; audits. transitive verb. 1.
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).
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:
What is 'Audit'. Definition: Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions.
