Meaning & Definition of word "Audit"
Audit
/ˈɔː.dɪt/
noun:
- 1. An official inspection of an individual's or organization's accounts, typically by an independent body.
- Example: The annual audit revealed discrepancies in the financial records.
- 2. A systematic review or assessment of a process or system.
- Example: The software audit ensured that all applications complied with licensing agreements.
verb:
- 1. To conduct an official inspection of (an individual’s or organization’s accounts).
- Example: The government will audit the company to ensure compliance with tax regulations.
- 2. To examine or assess (something, such as a process or system) in detail.
- Example: They decided to audit their marketing strategy to identify areas for improvement.
Etymology
●From Latin 'auditus', meaning 'hearing' or 'listening', from 'audire', meaning 'to hear'.
Common Phrases and Expressions
financial audit:
A systematic examination of financial records.
internal audit:
An evaluation of a company's internal controls and processes.
auditor's report:
A formal opinion regarding the accuracy of financial statements.
Related Words
auditor:
A person responsible for conducting an audit.
audit trail:
A chronological record that traces the detailed sequence of activities related to an operation.
Slang Meanings of audit
Meaning: To check or evaluate informally.
● Example Sentence: I need to audit my expenses before the trip.