AUDIT

audit: translation

detailed checking of the financial records of a business by an independent qualified person ( auditor) in order to verify their correctness or to detect errors or fraud. Glossary of Business Terms

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An examination of a company's accounting records and books conducted by an outside professional in order to determine whether the company is maintaining records according to Generally Accepted Accounting Principles. Bloomberg Financial Dictionary

See: accountant's opinion. Bloomberg Financial Dictionary

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▪ I. audit au‧dit ¹ [ˈɔːdt ǁ ˈɒː-] noun [countable]

1. ACCOUNTING an official examination of a person's or organization's accounts by an expert, to check that they are true and honest:

• An audit of the company showed accumulated losses of £1.5 billion.

• The accounts will need to have an independent audit before they can be submitted.

• We carry out a full internal audit once a year.

conˌtinuous ˈaudit ACCOUNTING

an audit where a company's financial records are checked for mistakes etc through the whole year, rather than just once a year

exˌternal ˈaudit ACCOUNTING

an audit done by an expert from outside a company or organization that is being audited

2. HUMAN RESOURCES COMMERCE an examination of an organization's activities or performance:

• The prison population has risen by 2,500 in the last six months, according to a government audit.

• She wants the oil company to agree to an external audit of its environmental policies.

ˌgreen ˈaudit ECONOMICS

an official examination of the effects of a company's activities on the environment

ˌsocial ˈaudit also ˌethical ˈaudit HUMAN RESOURCES

an official examination of how well a company behaves, for example how it treats its employees, the environment etc:

• The social audit of Ben and Jerry's in general commends the company, which gives 7.5% of pre-tax profits to charity.

[m0] ▪ II. audit audit ² verb [transitive]

1. ACCOUNTING to officially check that an individual's or organization's accounts are true and honest:

• To taxpayers who've been audited, the Internal Revenue Service is a frightening organization.

2. COMMERCE ECONOMICS to check a particular part of an organization's activities or performance:

• When the cars it builds in Canada were audited, they were accepted as having the 50% North American content required under trade rules.

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An official examination of a company's accounts.

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audit UK US /ˈɔːdɪt/ noun [C or U]

► ACCOUNTING an examination of the accounts of a business, usually by experts from outside the business: »A full audit is performed each year by a district auditor.
»We conducted an audit of the accounts for the year 2009/10.
»Companies must issue a statutory audit report.
an audit committee/firm/team »Members of the audit committee must be independent.

► an official examination of the quality or condition of something: complete/conduct/do/undertake an audit »We conduct an annual audit to ensure that we comply with standards.
a performance/quality/skills audit »Departments must carry out an internal quality audit.
» Managers should undertake an audit of staff performance.
»an independent audit of needs and facilities
»The whole process is subject to audit and inspection.

→ See also BRAND AUDIT(Cf.↑brand audit), CONTINUOUS AUDIT(Cf. ↑continuous audit), CULTURAL AUDIT(Cf. ↑cultural audit), DESIGN AUDIT(Cf. ↑design audit), ENERGY AUDIT(Cf. ↑energy audit), ENVIRONMENTAL AUDIT(Cf. ↑environmental audit), EXTERNAL AUDIT(Cf. ↑external audit), FINANCIAL AUDIT(Cf. ↑financial audit), GREEN AUDIT(Cf. ↑green audit), INFORMATION AUDIT(Cf. ↑information audit), INTERNAL AUDIT(Cf. ↑internal audit), IT AUDIT(Cf. ↑IT audit), MANAGEMENT AUDIT(Cf. ↑management audit), MARKET AUDIT(Cf. ↑market audit), NON-AUDIT(Cf. ↑non-audit), PERFORMANCE AUDIT(Cf. ↑performance audit), POSITION AUDIT(Cf. ↑position audit), SOCIAL AUDIT(Cf. ↑social audit), TAX AUDIT(Cf. ↑tax audit)

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audit UK US /ˈɔːdɪt/ verb [T]

► ACCOUNTING to make an official examination of the accounts of a business and produce a report: »The accounts are audited annually.
have sth audited »They had the books audited by a qualified accountant.

► to make an official examination of the quality or condition of something: »Our operations are regularly audited.
be independently/externally audited »Our quality system is independently audited by an approved certification body.

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AUDIT

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