How Do You Spell AUDITED?

Pronunciation: [ˈɔːdɪtɪd] (IPA)

The word "audited" is spelled as /ˈɔːdɪtɪd/ in IPA phonetic transcription. The first syllable is pronounced as "aw" (as in "awe") and the second syllable is pronounced as "di" (as in "did") followed by "t" sound. The spelling of the word is derived from the root word "audit" which means examination or review of financial records. When an organization or individual undergoes an audit or examination of their finances, it is said that they have been audited.

AUDITED Meaning and Definition

  1. Audited is a term used to describe a comprehensive examination, inspection, or review of financial records, statements, accounts, or documents of an individual, organization, or entity. It involves a systematic and independent evaluation conducted by a qualified individual or firm, known as an auditor. The primary objective of an audit is to determine the accuracy, validity, and completeness of the financial information being audited.

    During an audit, the auditor assesses the financial statements, internal control systems, and accounting practices to ensure compliance with generally accepted accounting principles (GAAP) or applicable accounting standards. The auditor carefully scrutinizes the financial records, transactions, and supporting documentation to verify their authenticity and reliability.

    The process of auditing typically includes gathering evidence, performing analytical procedures, testing controls, reconciling accounts, and interviewing relevant personnel. The auditor issues an audit report at the conclusion of their examination, which provides an opinion on the fairness and accuracy of the financial statements prepared by the audited party.

    Auditing plays a crucial role in providing assurance to stakeholders, such as investors, lenders, and government authorities, regarding the financial health and integrity of the audited entity. It helps identify any potential errors, irregularities, or non-compliance with regulations, aiming to enhance transparency, accountability, and trust in the audited party's financial reporting.

Top Common Misspellings for AUDITED *

* 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.

Other Common Misspellings for AUDITED

Etymology of AUDITED

The word "audited" originates from the Latin word "audire", which means "to hear". In English, the word "audit" emerged around the late 15th century, initially referring to the official examination of an individual or organization's financial records. The term gradually evolved to denote a comprehensive review, assessment, or verification of various aspects, not limited to financial matters. The past participle form "audited" is commonly used to describe the action of conducting an audit.

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