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Audit
01
a formal inspection of a business's financial records to see if they are correct and accurate or not
Example
The audit revealed discrepancies in the accounting records that required further investigation.
The company underwent an audit to ensure compliance with financial regulations.
The audit committee reviewed the auditor 's report and recommended corrective actions.
02
a methodical examination or review of a condition or situation
to audit
01
to perform an official examination or review of a company’s financial records or accounts to ensure accuracy and compliance
Transitive: to audit financial records
Example
The auditor will audit the company 's internal controls next week.
The accountant audited the company 's financial records to ensure compliance with tax regulations.
The government agency hired an external firm to audit the company ’s financial statements.
02
to attend a class or course for personal enrichment or review without receiving academic credit
Transitive: to audit a course or class
Example
They will audit the economics seminar next semester to broaden their knowledge of financial markets.
She audited the literature class to refresh her knowledge before starting her graduate studies.
The university allows alumni to audit select courses free of charge as part of its lifelong learning program.
Example
The audit revealed discrepancies in the accounting records that required further investigation.
The company underwent an audit to ensure compliance with financial regulations.
The audit committee reviewed the auditor's report and recommended corrective actions.
The IRS conducted a tax audit to verify the accuracy of the individual's tax returns.
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