What does the word 'audit' mean?

Answer

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.

Answer

1. A formal examination, correction, and official endorsing of financial
accounts, especially those of a business, undertaken annually by an
accountant

2. 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 or
effectiveness of an organization or a process, typically carried out by
an independent assessor.

5. An independent review and examination of records and activities to
assess the adequacy of system controls, to ensure compliance with
established policies and operational procedures, and to recommend
necessary changes in controls, policies, or procedures.

6. A methodical examination and review of a condition or situation; "he
made an audit of all the plants on his property"; "an email log audit"

7. Examine carefully for accuracy with the intent of verification; "audit
accounts and tax returns"

8. The examination by an outside party of the accounts of an individual or
corporation.

9. The inspection or examination of a building or other facility to
evaluate or improve its appropriateness, safety, efficiency, or the
like: "An energy audit can suggest ways to reduce home fuel bills".

10. To examine, adjust or settle an account; as, to audit the
accounts of a treasure, or of parties who have a suit depending in
court.

11. To attend a class without asking for or receiving academic credit for
it, 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.

First answer by ID1200308193. Last edit by Cwh130395. Contributor trust: 3 [recommend contributor]. Question popularity: 52 [recommend question]