Audit
Audit
Audit (pronounced: /ˈɔːdɪt/) is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also attempts to ensure that the books of accounts are properly maintained by the concern as required by law.
Etymology
The term audit is derived from the Latin word audire which means 'to hear'. In the medieval times, when manual book-keeping was prevalent, auditors in Britain used to hear the accounts read out for them and checked that the organization's personnel were not negligent or fraudulent.
Related Terms
- Financial audit: A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion.
- Internal audit: Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations.
- External audit: An external audit is an independent examination of the financial statements prepared by the organisation. It is an examination of a company's records and reports by an outside party.
- Compliance audit: A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines.
- Operational audit: An operational audit is a detailed analysis of the goals, planning processes, procedures, and results of the operations of a business.
- Information systems audit: An information systems audit, or IT audit, is an examination of the management controls within an Information technology (IT) infrastructure.
External links
- Medical encyclopedia article on Audit
- Wikipedia's article - Audit
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