Audit
/ˈɔːdɪt/
Definitions
- (n.) An official examination and verification of financial accounts or records.
The company underwent an annual audit to ensure compliance with regulations.
- (v.) To conduct an official inspection of financial accounts or compliance with standards.
The firm hired an external auditor to audit its financial statements.
Forms
- audits
- audited
- auditing
Related terms
See also
Commentary
In legal contexts, audits often verify adherence not only to financial norms but also to regulatory and contractual obligations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.