Federal Audit
/ˈfɛdərəl ˈɔːdɪt/
Definitions
- (n.) An official examination and verification of an organization's financial statements and compliance with federal laws and regulations, typically conducted by a government agency or an independent auditor.
The company underwent a federal audit to ensure compliance with federal financial reporting standards.
Forms
- federal audit
- federal audits
Related terms
See also
Commentary
A federal audit often follows specific standards such as those in the Single Audit Act; clarity in scope and authority is crucial when drafting related clauses.
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.