Definition

To review or inspect financial records to ensure accuracy and compliance with regulations.

Example

The company will audit its financial statements at the end of the fiscal year.

Tense Forms

Conversation

Do you think we need to audit our expenses this month?

Yeah, I noticed we spent a lot last week.

I agree, it might help us understand where the money is going.

Definitely, let's sit down and take a look together.

Synonyms & Antonyms

Definition

A careful review of financial records or accounts to ensure they are correct and accurate.

Example

The company hired an external firm to conduct an audit of its financial statements.

Conversation

Did you hear about the new audit at work?

Yeah, I heard it's going to take a few weeks.

I hope it goes smoothly; audits can be really stressful.

Definition

To examine and check the accuracy of financial records or accounts, often conducted by an independent party.

Example

The company hired an external firm to audit its financial statements for accuracy.

Tense Forms

Conversation

Did you hear that the company is going to audit our department next week?

Yeah, I heard about that. I hope everything is in order.

I know, right? I want to make sure we’re ready for the audit this time.

Root Explanation

Audit → It is derived from the Latin word "audire" (meaning to hear). The term originally referred to the process of hearing accounts or financial records, thus leading to the modern meaning of examining or reviewing financial statements.

Memory Tip

Think of 'hearing' ('audire') as a way to remember that an audit involves reviewing and examining financial records.

Visually Confused Words