Dictionary

1audit

noun au·dit \ˈ-dət\

: a complete and careful examination of the financial records of a business or person

: a careful check or review of something

Full Definition of AUDIT

1
a :  a formal examination of an organization's or individual's accounts or financial situation
b :  the final report of an audit
2
:  a methodical examination and review
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Examples of AUDIT

  1. The audit showed that the company had mislead investors.
  2. The Internal Revenue Service selected us for an audit.
  3. You will need all your records if you are selected for audit by the IRS.

Origin of AUDIT

Middle English, from Latin auditus act of hearing, from audire
First Known Use: 15th century

Other Business Terms

amortize, caveat emptor, clearinghouse, divest, due diligence, emolument, green-collar, marque, overhead, perquisite

Rhymes with AUDIT

2audit

verb

: to check the financial records of (a business or person) : to perform an audit on (a business or person)

: to attend a course at a college or university without having to do any of the course work and without receiving credit

Full Definition of AUDIT

transitive verb
1
:  to perform an audit of or for <audit the books> <audit the company>
2
:  to attend (a course) without working for or expecting to receive formal credit
au·dit·abil·i·ty \ˌ-də-tə-ˈbi-lə-tē\ noun
au·dit·able \-ˌ-di-tə-bəl\ adjective
au·dit·ee \ˌ-də-ˈtē\ noun

Examples of AUDIT

  1. They audit the company books every year.
  2. The Internal Revenue Service audited him twice in 10 years.
  3. I audited an English literature class last semester.

First Known Use of AUDIT

15th century

Other Business Terms

amortize, caveat emptor, clearinghouse, divest, due diligence, emolument, green-collar, marque, overhead, perquisite
AUDITABLE Defined for Kids

1audit

noun au·dit \ˈ-dət\

Definition of AUDIT for Kids

:  a thorough check of business accounts

2audit

verb
au·dit·edau·dit·ing

Definition of AUDIT for Kids

:  to thoroughly check the business records of

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