- The definition of an audit is the process of evaluation or analysis of something to determine its accuracy or safety, or is the document that declares the result of such an analysis or evaluation.
- An example of an audit is a dean analyzing your credits to determine your eligibility for graduation.
- An example of an audit is a written piece of paperwork outlining mistakes on your tax return.
- Audit means to analyze and evaluate something.
An example of someone doing an audit is an IRS official analyzing the accuracy of a tax return.
- To audit is defined as to go to a class without paying for it or receiving credit.
An example of someone who may audit a class is a college student who wants to see if she is interested in a certain topic.
audit definition by Webster's New World
- a formal, often periodic examination and checking of accounts or financial records to verify their correctness
- a settlement or adjustment of accounts
- an account thus examined and adjusted
- a final statement of account by auditors
- any thorough examination and evaluation of a problem
Origin: Middle English ; from Classical Latin auditus, a hearing, past participle of audire: see audience
- to examine and check (accounts, claims, etc.)
- to attend (a college course) simply to hear the lectures without receiving credit
audit definition by American Heritage Dictionary
- An examination of records or financial accounts to check their accuracy.
- An adjustment or correction of accounts.
- An examined and verified account.
- To examine, verify, or correct the financial accounts of: Independent accountants audit the company annually. The IRS audits questionable income tax returns.
- To attend (a course) without requesting or receiving academic credit.
Origin: Middle English (influenced by auditor, auditor), from Latin audītus, a hearing, from past participle of audīre, to hear; see au- in Indo-European roots.
- auˈdit·a·ble adjective
audit - Business Definition
- An examination of an organization's financial documents in order to determine whether the records and reports are valid and the information is fairly presented. An independent audit is usually conducted by a certified public accountant who then issues an opinion as to whether the statements accurately and fairly represent the firm's operations and financial position. See also external audit, internal audit.
- An IRS or other tax agency examination to verify the accuracy of a corporate or individual tax return. An audit may take place at the taxpayer's place of business, at an agency office, or via correspondence. The burden of proof during an audit is on the taxpayer, who is often required to supply proof of deductions, expenses, and other items included in a tax return. Also called tax audit.
audit - Computer Definition
(1) A formal examination by certified auditors of systems, programming, operations and security to determine compliance with internal policies and procedures or with external standards. An audit is often used to satisfy legal requirements of regulatory agencies and laws. See assessment, COBIT, COSO, ISO 27000, SAS 70 and SSAE 16.
(2) An examination of systems, programming and datacenter procedures in order to determine the efficiency of computer operations.
audit - Cultural Definition
The examination by an outside party of the accounts of an individual or corporation.
audit - Investment & Finance Definition
The process of verifying a company’s financial information. Auditors are certified public accountants who are independent of the corporation. An auditor examines a company’s accounting books and records in order to determine whether the company is following appropriate account procedures. An auditor issues an opinion in a report that says whether the financial statements “present fairly” the company’s financial position and its operational results in accordance with Generally Accepted Accounting Principles (GAAP). Corporate financial statements are audited once a year.