audit


audit
Systematic inspection of accounting records involving analyses, tests, and confirmations. The hearing and investigation had before an auditor. An audience; a hearing; an examination in general.
A formal or official examination and authentication of accounts, with witnesses, vouchers, etc. Green-Boots Const. Co. v. State Highway Commission, 165 Okl. 288, 25 P.2d 783.
See also auditor
See also
- audit committee
- office audit
- audit of return
@ audit opinion
Report of certified public accountant after an examination of financial statements, expressing opinion on the fairness of presentation of such statements. The opinion may take one of the following forms:
@ audit trail
Chain of evidence connecting account balances or other summary results to original transactions and calculations. The flow of events between the original transaction and the account balances in the financial statements.
@ desk audit
Review of civil service positions to determine if duties and responsibilities of position fit job classification and pay grade.
@ field audit
An audit by the Internal Revenue Service conducted on the business premises of the taxpayer or in the office of the tax practitioner representing the taxpayer.
To be distinguished from a correspondence audit or an office audit (q.v.).
@ independent audit
One conducted by an outside person or firm not connected in any way with the company being audited.
See also audit committee
@ internal audit
Audit performed by personnel of company to assure that internal procedures, operations, and accounting practices are in proper order-in contrast to an audit by outside, independent auditors.
@
- office audit (See office).
@ tax audit
An examination of books, vouchers and records, or other transactions possessing tax consequences, of a taxpayer conducted by agents of the I.R.S.
- office (office audit)
- RAR
Also called audit of return
@ audit committee
A committee of the board of directors of a corporation usually consisting of outside directors who nominate the independent auditors and discuss their work with them. If the auditors believe certain matters should be brought to the attention of stockholders, the auditors first bring these matters to the attention of the audit committee
@

Black's law dictionary. . 1990.

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