Audit

1. An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm).

2. An IRS examination of a taxpayer's return or other transactions. The IRS performs this examination to verify the correctness of these filings.



1. Auditors ensure the fiscal accuracy and responsibility of organizations.

2. The ultimate fear of every taxpayer.




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Related Terms

Auditor's Report

GAAP

Independent Auditor

Internal Audit

Opinion Shopping

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