Audit

n. examination of financial accounts

v. examine accounts; verify accounts

The most general definition of an audit is an evaluation of a person, organization, system, process, project or product. Audits are performed to ascertain the validity and reliability of information, and also provide an assessment of a system's internal control. Auditing is therefore a part of some quality control certifications such as ISO 9001. The goal of an audit is to express an opinion on the person/organization/system etc. under evaluation based on work done on a test basis. Due to practical constraints, an audit seeks to provide only reasonable assurance that the statements are free from material error. Hence, random sampling is often adopted in audits. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements - a concept influenced by both quantitative and qualitative factors.
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Noun
1. an inspection of the accounting procedures and records by a trained accountant or CPA
(synonym) audited account
(hypernym) accounting, accounting system, method of accounting
(hyponym) financial audit
(part-meronym) bottom line
(derivation) scrutinize, scrutinise, inspect
2. a methodical examination or review of a condition or situation; "he made an audit of all the plants on his property"; "an energy efficiency audit"; "an email log audit"
(hypernym) examination, scrutiny
Verb
1. of accounts and tax returns; with the intent to verify
(synonym) scrutinize, scrutinise, inspect
(hypernym) analyze, analyse, study, examine, canvass, canvas
(derivation) auditor
2. attend academic courses without getting credit
(hypernym) learn, study, read, take
(derivation) auditor

n. audit, examination of financial accounts

n. audit, examination of financial accounts