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An audit, in its general sense, refers to a systematic and thorough examination of a company's financial records, systems, processes, or activities to ensure accuracy, compliance, and effectiveness. It involves a critical review and analysis of the financial statements, internal controls, and overall business operations to assess the organization's financial position, performance, risk management, and adherence to relevant laws and regulations.
In the context of accounting and finance, an audit is typically conducted by an external independent certified public accountant (CPA) or an internal audit department within a company. The primary objective of an audit is to provide reasonable assurance to stakeholders, such as shareholders, investors, lenders, and regulators, regarding the reliability and validity of financial information reported by the company.
The audit process generally begins with planning and scoping, followed by gathering and examining financial documents, verifying transactions, testing controls, and conducting interviews with key personnel. Auditors employ various methods and techniques, including statistical sampling, substantive procedures, and analytical review, to assess the accuracy, completeness, and fairness of financial statements.
The outcome of an audit is typically expressed in the form of an audit report, which summarizes the auditor's findings, opinions, and recommendations. This report may include a description of any material weaknesses or deficiencies identified during the audit and suggest improvements or corrective actions to address them.
Overall, audits provide an essential mechanism for evaluating the integrity and transparency of financial information, enhancing stakeholder confidence, identifying areas for improvement, and ensuring compliance with accounting standards, legal requirements, and industry best practices.
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• An examination of accounts by a person or persons appointed for the purpose, in order to ascertain whether they be correct.
• To examine and settle as to the correctness of accounts.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
The word "audit" comes from the Latin verb "audire", which means "to hear" or "to listen". In medieval Latin, "auditus" referred to a hearing or listening session with the purpose of examination or review. This term evolved into the Old French word "audit", which later entered Middle English as "audit" with the same meaning. Over time, the concept of "examination" or "review" became associated with financial accounts, leading to the modern usage of "audit" to refer to the systematic examination of financial records or statements.
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