audit

Definitions (2)
Related Terms
1. Accounting: Systematic examination and verification of a firm's books of account, transaction records, other relevant documents, and physical inspection of inventory by qualified accountants (called auditors). See also external audit and internal audit.
2. Quality control: Periodic (usually every six months) onsite-verification (by a certification authority) to ascertain whether or not a documented quality system is being effectively implemented.

Use 'audit' in a Sentence

The task of conducting the audit was necessary as the company had been dealing with many processes that required stringent bookkeeping.
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I was called the audit man and put in charge of something I didn't know a lot about, but was excited to try out.
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The company couldn't figure out why the accounts in the Boston office were always in the red until they did an internal audit that discovered that the accounting department had been systematically underbilling the clients.
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