Audit Meaning and Definition
Audit
Pronunciation
/ˈædeɪt/
Part of Speech
Noun
Definition
A systematic examination and evaluation of records, practices, and procedures to ensure accuracy, completeness, and compliance with established policies, laws, and regulations.
Examples
- The company conducts annual audits to ensure compliance with financial regulations.
- The auditor discovered several discrepancies in the company’s records during the audit.
Synonyms
- Examination
- Evaluation
- Inspection
Antonyms
- Verification
- Confirmation
Etymology
The word “audit” comes from the Latin “audire,” meaning “to hear,” and was first used in the 14th century to refer to a formal examination or investigation.
Usage Notes
Audit can be used as both a noun and a verb. As a noun, it refers to the act of examining or evaluating records, practices, and procedures. As a verb, it means to examine or evaluate something in this way.
Cultural References
Audit has been featured in various TV shows, such as “The Simpsons” and “Parks and Recreation,” often in the context of financial or professional auditing.
Idiomatic Expressions or Phrases
“Audit trail” refers to a record of events or actions that can be traced and reviewed.
Related Words or Phrases
Words or phrases closely related to audit include “examination,” “evaluation,” “inspection,” and “review.”
Collocations
Audit is often used in phrases such as “annual audit,” “financial audit,” “internal audit,” and “external audit.”
Frequency of Use
Audit is a commonly used term in business, finance, and accounting, especially in the context of regulatory compliance and risk management.
Common Misspellings
Common misspellings of audit include “audet,” “audate,” and “audity.”