What does the word 'audit' mean?
Auditing is a review process, usually of accounting procedures. The previous poster was humorously refering to an Audit by the Internatl Revenue Service, but many businesses have both internal and external audits regularly, to make sure all types of records are being handled properly. Internal audits are by company employees, external audits by an outside firm (often Arthur Anderson or Deloitte & Touche or another Top-10 Accounting firm.)In academia, to audit a class is to attend and participate informally, without receiving a grade. Prior to the 1970s, many Universities allowed students to audit classes for free. Today it's more common for there to be a fee. Occasionally the fee for auditing is higher than normal tuition.Answer0. An audit is nothing but giving opinion. 1. A formal examination, correction, and official endorsing of financialaccounts, especially those of a business, undertaken annually by anaccountant2. An examined and verified account.3. A report or statement reflecting an audit; a final statement of account.4. A systematic check or assessment, especially of the efficiency oreffectiveness of an organization or a process, typically carried out byan independent assessor.5. An independent review and examination of records and activities toassess the adequacy of system controls, to ensure compliance withestablished policies and operational procedures, and to recommendnecessary changes in controls, policies, or procedures.6. A methodical examination and review of a condition or situation; "hemade an audit of all the plants on his property"; "an email log audit"7. Examine carefully for accuracy with the intent of verification; "auditaccounts and tax returns"8. The examination by an outside party of the accounts of an individual orcorporation.9. The inspection or examination of a building or other facility toevaluate or improve its appropriateness, safety, efficiency, or thelike: "An energy audit can suggest ways to reduce home fuel bills".10. To examine, adjust or settle an account; as, to audit theaccounts of a treasure, or of parties who have a suit depending incourt.11. To attend a class without asking for or receiving academic credit forit, usually attending all the sessions but not doing the assignments(Latin auditus "hearing")."As a senior citizen, he is allowed to audit university classes".12. To attend (classes, lectures, etc.) as an auditor.13. (Archaic) A judicial hearing or examination.14. (Scientology) Spiritual counseling, which forms the core of Dianetics.15. A general receptacle or receiver.16. (Obs.) An audience; a hearing.
