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  2. Dictionary

    au·dit
    [ˈôdət, ˈädət]
    noun
    audit (noun) · audits (plural noun)
    1. an official inspection of an individual's or organization's accounts, typically by an independent body:
      "audits can't be expected to detect every fraud"
    verb
    audit (verb) · audits (third person present) · audited (past tense) · audited (past participle) · auditing (present participle)
    1. conduct an official financial examination of (an individual's or organization's accounts):
      "companies must have their accounts audited"
    2. NORTH AMERICAN ENGLISH
      attend (a class) informally, not for academic credit:
      "he made use of the knowledge gleaned from economics classes he audited"
      Similar:
      be present at
      be an observer at
    Origin
    late 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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  3. People also ask
    What is the purpose of an audit?The purpose of an audit is to form a view on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date, for example: Are details of what is owned and what the organisation owes properly recorded in the balance sheet? Are profits or losses properly assessed?
    What are the different types of audits?There are three main types of audits: external audits, internal audits, and Internal Revenue Service (IRS) audits. External audits are commonly performed by Certified Public Accounting (CPA) firms and result in an auditor's opinion which is included in the audit report.
    How do I access audit logs?To access the audit logs, you need to have one of the following roles: Sign in to the Azure portal and go to Azure AD and select Audit log from the Monitoring section. You can also access the audit log through the Microsoft Graph API. What do the logs show? You can customize and filter the list view by clicking the Columns button in the toolbar.
    What is a financial audit?A financial audit is performed to ensure that the information revealed in the financial statements is correct. Auditors verify the business’ financial details pertaining to revenue, assets, and expenses. It investigates if recording and reporting have been done justifiably.
     
  4. Audit Definition & Meaning - Merriam-Webster

     
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  8. Audit: What It Means in Finance and Accounting, and …

    WebOct 5, 2023 · An audit is the review or inspection of a company or individual's accounts by an independent body. Audits can be performed by external, internal, or IRS auditors, and have different purposes and …

  9. AUDIT Definition & Meaning | Dictionary.com

  10. AUDIT definition and meaning | Collins English Dictionary

  11. Auditing - Overview, Importance, Types, and …

    WebAuditing is the examination and verification of a company’s financial records to ensure accuracy and compliance with accounting standards. Learn about the three main types of audits (internal, …

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