audit

audit
detailed checking of the financial records of a business by an independent qualified person ( auditor) in order to verify their correctness or to detect errors or fraud. Glossary of Business Terms
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An examination of a company's accounting records and books conducted by an outside professional in order to determine whether the company is maintaining records according to Generally Accepted Accounting Principles. Bloomberg Financial Dictionary
See: accountant's opinion. Bloomberg Financial Dictionary

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▪ I. audit au‧dit 1 [ˈɔːdt ǁ ˈɒː-] noun [countable]
1. ACCOUNTING an official examination of a person's or organization's accounts by an expert, to check that they are true and honest:

• An audit of the company showed accumulated losses of £1.5 billion.

• The accounts will need to have an independent audit before they can be submitted.

• We carry out a full internal audit once a year.

conˌtinuous ˈaudit ACCOUNTING
an audit where a company's financial records are checked for mistakes etc through the whole year, rather than just once a year
exˌternal ˈaudit ACCOUNTING
an audit done by an expert from outside a company or organization that is being audited
2. HUMAN RESOURCES COMMERCE an examination of an organization's activities or performance:

• The prison population has risen by 2,500 in the last six months, according to a government audit.

• She wants the oil company to agree to an external audit of its environmental policies.

ˌgreen ˈaudit ECONOMICS
an official examination of the effects of a company's activities on the environment
ˌsocial ˈaudit also ˌethical ˈaudit HUMAN RESOURCES
an official examination of how well a company behaves, for example how it treats its employees, the environment etc:

• The social audit of Ben and Jerry's in general commends the company, which gives 7.5% of pre-tax profits to charity.

  [m0] ▪ II. audit audit 2 verb [transitive]
1. ACCOUNTING to officially check that an individual's or organization's accounts are true and honest:

• To taxpayers who've been audited, the Internal Revenue Service is a frightening organization.

2. COMMERCE ECONOMICS to check a particular part of an organization's activities or performance:

• When the cars it builds in Canada were audited, they were accepted as having the 50% North American content required under trade rules.

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   An official examination of a company's accounts.

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Ⅰ.
audit UK US /ˈɔːdɪt/ noun [C or U]
► ACCOUNTING an examination of the accounts of a business, usually by experts from outside the business: »

A full audit is performed each year by a district auditor.

 »

We conducted an audit of the accounts for the year 2009/10.

 »

Companies must issue a statutory audit report.

 an audit committee/firm/team »

Members of the audit committee must be independent.

► an official examination of the quality or condition of something: complete/conduct/do/undertake an audit »

We conduct an annual audit to ensure that we comply with standards.

 a performance/quality/skills audit »

Departments must carry out an internal quality audit.

 »

Managers should undertake an audit of staff performance.

 »

an independent audit of needs and facilities

 »

The whole process is subject to audit and inspection.

→ See also BRAND AUDIT(Cf. ↑brand audit), CONTINUOUS AUDIT(Cf. ↑continuous audit), CULTURAL AUDIT(Cf. ↑cultural audit), DESIGN AUDIT(Cf. ↑design audit), ENERGY AUDIT(Cf. ↑energy audit), ENVIRONMENTAL AUDIT(Cf. ↑environmental audit), EXTERNAL AUDIT(Cf. ↑external audit), FINANCIAL AUDIT(Cf. ↑financial audit), GREEN AUDIT(Cf. ↑green audit), INFORMATION AUDIT(Cf. ↑information audit), INTERNAL AUDIT(Cf. ↑internal audit), IT AUDIT(Cf. ↑IT audit), MANAGEMENT AUDIT(Cf. ↑management audit), MARKET AUDIT(Cf. ↑market audit), NON-AUDIT(Cf. ↑non-audit), PERFORMANCE AUDIT(Cf. ↑performance audit), POSITION AUDIT(Cf. ↑position audit), SOCIAL AUDIT(Cf. ↑social audit), TAX AUDIT(Cf. ↑tax audit)
Ⅱ.
audit UK US /ˈɔːdɪt/ verb [T]
► ACCOUNTING to make an official examination of the accounts of a business and produce a report: »

The accounts are audited annually.

 have sth audited »

They had the books audited by a qualified accountant.

► to make an official examination of the quality or condition of something: »

Our operations are regularly audited.

 be independently/externally audited »

Our quality system is independently audited by an approved certification body.


Financial and business terms. 2012.

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Synonyms:
(as accounts, to ascertain whether they are correct or not) / /


Look at other dictionaries:

  • Audit — systematic, independent, documented process for obtaining records, statements of fact or other relevant information and assessing them objectively to determine the extent to which specified requirements are fulfilled (p. 4.4 ISO/IEC 17000:2004).… …   Словарь-справочник терминов нормативно-технической документации

  • AUDIT — Au XIXe siècle, on entendait par «audition de compte» l’action d’examiner un compte, et l’auditeur (auditor ), étymologiquement, est celui qui est «aux écoutes», c’est à dire celui qui observe, examine très attentivement. L’audit est un travail… …   Encyclopédie Universelle

  • audit — au·dit / ȯ dət/ n 1: a formal examination of an organization s or an individual s financial records often for the purpose of uncovering fraud or inaccurate tax returns; also: the final report of such an examination 2: a methodical examination… …   Law dictionary

  • Audit — Au dit, n. [L. auditus a hearing, fr. audire. See {Audible}, a.] 1. An audience; a hearing. [Obs.] [1913 Webster] He appeals to a high audit. Milton. [1913 Webster] 2. An examination in general; a judicial examination. [1913 Webster] Note:… …   The Collaborative International Dictionary of English

  • audit — AUDÍT s.n. Control al evidenţelor contabile, al situaţiei financiare a unei societăţi. ♦ Dare de seamă care reflectă rezultatul unui asemenea control. (cf. engl. audit, din lat. auditus = auzire, din audire = a auzi) [Cuvinte străine (recent… …   Dicționar Român

  • audit — ► NOUN ▪ an official inspection of an organization s accounts. ► VERB (audited, auditing) ▪ make an audit of. ORIGIN from Latin audire hear (because an audit was originally presented orally) …   English terms dictionary

  • Audit — Au dit, v. t. [imp. & p. p. {Audited}; p. pr. & vb. n. {Auditing}.] To examine and adjust, as an account or accounts; as, to audit the accounts of a treasure, or of parties who have a suit depending in court. [1913 Webster] …   The Collaborative International Dictionary of English

  • Audit — Au dit, v. i. To settle or adjust an account. [1913 Webster] Let Hocus audit; he knows how the money was disbursed. Arbuthnot. [1913 Webster] || …   The Collaborative International Dictionary of English

  • audit — /ˈaudit, ingl. ˈɔːdɪt/ [lett. «verifica, revisione», dal lat. audītu(m) «sentito, ascoltato»] s. m. inv. (org. az.) verifica, controllo, ispezione …   Sinonimi e Contrari. Terza edizione

  • audit — n examination, inspection, scrutiny, scanning (see under SCRUTINIZE) Analogous words: check, *corrective, control: investigation, probe, *inquiry audit vb examine, inspect, *scrutinize, scan …   New Dictionary of Synonyms

  • audit — verb. British readers of American books and newspapers might be puzzled by the use of audit to mean ‘to attend (a class) informally’ without working for a particular qualification: • She audited his undergraduate lectures; she waylaid him in the… …   Modern English usage

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