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- An audit is a formal examination of an organization's or individual's accounts or financial situation12345. It can be conducted internally by employees of the organization or externally by an outside certified public accountant (CPA) firm2. The purpose of an audit is to evaluate financial records and provide an opinion on their accuracy and compliance with relevant criteria3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The meaning of AUDIT is a formal examination of an organization's or individual's accounts or financial situation.www.merriam-webster.com/dictionary/auditAn audit is a formal review of a person or company's financial records by professional accountants. Audits can be conducted internally, by employees of the organization, or externally, by an outside certified public accountant (CPA) firm. Lenders and underwriters may require an audit in order to evaluate a company's financial health.www.investopedia.com/terms/a/audit.aspISO 19011:2018 defines an audit as a "systematic, independent and documented process for obtaining audit evidence [records, statements of fact or other information which are relevant and verifiable] and evaluating it objectively to determine the extent to which the audit criteria [a set of policies, procedures or requirements] are fulfilled."asq.org/quality-resources/auditingAn 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."en.wikipedia.org/wiki/Auditaudit [ aw -dit ] Phonetic (Standard)IPA noun an official examination and verification of accounts and records, especially of financial accounts.www.dictionary.com/browse/audit
- nounaudit (noun) · audits (plural noun)verbaudit (verb) · audits (third person present) · audited (past tense) · audited (past participle) · auditing (present participle)Originlate Middle English: from Latin auditus ‘hearing’, from audire ‘hear’, in medieval Latin auditus (compoti) ‘audit (of an account)’, an audit originally being presented orally.
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An audit is one assurance service provided by competent and qualified professional accountants. The objective of an audit of financial statements is to enable the auditor to express an opinion of where the financial statements are …
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An Audit is a formal examination, inspection, and verification of a commercial enterprise’s, organization’s, or any entity’s accounts. Audits are usually carried out by an independent party. We call somebody who carries out an audit an …
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Definition: Auditing is the procedure in which a qualified individual examines the books of accounts and assemble the evidence to form an assessment and convey their point of view to the responsible person or the management by submitting …
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