audit
- audit
An independent examination of, and the subsequent expression of opinion on, the financial statements of an organization. This involves the auditor in collecting evidence by means of compliance tests (tests of control) and substantive tests (tests of detail). External audits (i.e. audits performed by an auditor external to the organization) are required under statute for limited companies by the Companies Act and for various other undertakings, such as housing associations and building societies, by other Acts of Parliament. Internal audits are performed by auditors within an organization, usually an independent department, such as an internal-audit department. Internal auditors examine various areas, including financial and non-financial concerns, with emphasis on ensuring that internal controls are working effectively. Internal auditors may assist the external auditor of an organization. Non-statutory audits can be performed at the request of the owners, members, or trustees of an undertaking, for example. Financial statements other than the annual accounts may also be audited; for example, summaries of sales made by an organization.
Accounting dictionary.
2014.
Synonyms:
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