from The American Heritage® Dictionary of the English Language, 4th Edition
- n. An examination of records or financial accounts to check their accuracy.
- n. An adjustment or correction of accounts.
- n. An examined and verified account.
- transitive v. To examine, verify, or correct the financial accounts of: Independent accountants audit the company annually. The IRS audits questionable income tax returns.
- transitive v. To attend (a course) without requesting or receiving academic credit.
- intransitive v. To examine financial accounts.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. An examination in general.
- n. A judicial examination.
- n. An independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures
- n. Spiritual counseling, which forms the core of Dianetics.
- v. To conduct an independent review and examination of system records and activities in order to test the adequacy and effectiveness of data security and data integrity procedures, to ensure compliance with established policy and operational procedures, and to recommend any necessary changes
- v. To attend an academic class on a not-for-academic-credit basis.
from the GNU version of the Collaborative International Dictionary of English
- n. An audience; a hearing.
- n. An examination in general; a judicial examination.
- n. The result of such an examination, or an account as adjusted by auditors; final account.
- n. A general receptacle or receiver.
- transitive v. To examine and adjust, as an account or accounts.
- intransitive v. To settle or adjust an account.
from The Century Dictionary and Cyclopedia
- n. Audience; hearing.
- n. Official examination and verification of accounts or claims; an examination into accounts or dealings with money or property; especially, an examination of accounts by proper officers, or persons appointed for that purpose, who compare the charges with the vouchers, examine witnesses, and state the result.
- n. Hence A calling to account; an examination into one's actions.
- n. An account or a statement of account; a balance-sheet.
- n. A periodical auditing or settlement of accounts; hence, receipts; revenues.
- To make audit of; examine and verify by reference to vouchers, as an account or accounts: as, to audit the accounts of a treasurer.
- To examine into the correctness of an account; act as an auditor.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- v. attend academic courses without getting credit
- n. an inspection of the accounting procedures and records by a trained accountant or CPA
- v. examine carefully for accuracy with the intent of verification
- n. a methodical examination or review of a condition or situation
Governing Class: The governor is wondering where all the visitors are, and New York City's comptroller tries to make the word audit something to get excited about.
The original ARSC simply didn't want us to confuse the term audit risk with review risk.
Most of the audit is as expected and I ceased long ago getting ticked off about it; but the new focus on use tax – ie, not just did you collect and pay sales tax on your retail sales but did you pay proper sales tax on every purchase, is really annoying.
This audit is the fourth completed so far by the watchdog in recent months, but the first that looked at how banks said they used their bailout dollars.
I concede the point that the audit is a bit too rigidly enforced and ill-timed.
For instance, this week I learned about tickmarks in audit workpapers (I am admin at an accounting firm).
So the actual audit itself could take a number of months up to nearly a year, depending on the agent's workload and the contentiousness with which the audit is disputed.
This audit is just the latest in a string of reports indicating real trouble not just with the relationship between the civilian and military personnel but with the entire civilian "uplift" itself.
The survey also estimates that firms will spend $1.3 million on external consultants and software and an additional $1.5 million (a jump of 35 percent) in audit fees.
She argues that many of the loans made during the subprime fiasco may not be legit, and that you should seek legal counseling and demand a mortgage audit from the bank before leaving.