what is the meaning of the word 'auditing'?

Answer 1

au‧dit  /ˈɔdɪt/ Pronunciation Key - Show Spelled Pronunciation[aw-dit] Pronunciation Key - Show IPA Pronunciation

–noun
1. an official examination and verification of accounts and records, esp. of financial accounts.
2. a report or statement reflecting an audit; a final statement of account.
3. 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.
4. Archaic. a judicial hearing.
5. Obsolete. an audience.
–verb (used with object) 6. to make an audit of; examine (accounts, records, etc.) for purposes of verification: The accountants audited the company's books at the end of the fiscal year.
7. to attend (classes, lectures, etc.) as an auditor.
8. to make an audit of (a building or other facility) to evaluate or improve its safety, efficiency, or the like.
–verb (used without object)
9. to examine and verify an account or accounts by reference to vouchers.

[Origin: 1400–50; late ME audite < L audītus the sense or act of hearing, equiv. to audī(re) to hear + -tus suffix of v. action]

Answer 2

Think of this as a process to check one's activity or accounting records or other records. If you are really interested in auditing, try joining audit firms like EY, PWC, DTT, KMPG, etc, for a clear grasp of what auditing really means.

Based from experience, auditing can have two different definitions. From the clients' perspective, auditing is a process that waste their time. It is only required for SEC reporting. But from the auditors standpoint or those who really appreciate this like CFO or audit committee, auditing means an assurance that what the Company is reporting is fairly stated.

Answer 3

If for example a company is doing certain activities, and they say that they are doing them in a certain way, or that the results of those activities are of certain nature. Then auditing is the action of closely inspecting those activities and their results to ensure that they are done in the way mentioned, or that they adhere to certain standards.

Mostly used for financial records and such, also used for acquiring or maintaining certain certifications or standards like ISO, CMM...

Hope this helps.

Answer 4

Hiiiii,

Auditing can be easily explained as proper checking of accounts or other books or documents.

Its a series of steps to conduct the checking.

byeeeeee

Answer 5

A systematic and independent examination to determine whether activities and related results comply with planned arrangements and whether these arrangements are implemented effectively and are suitable to achieve objectives.

Audit objectives:
to determine the level of conformity or non-conformity of the system
to determine the effectiveness of the implemented system
to provide with an oppurtunity to improve the system
to determine compliance with statutory and regulatory requirements
to certify an organisations system.

was i of any help?.

Answer 6

Audit is derived from the word 'audire', meaning to hear.

Answer 7

It means balancing the sheet. The assets and liabilities should be balanced according to the income of the company.

Answer 8

Hearing the answers for you questions; You have to ask so many questions.