What does the word "audit" mean? in terms of work field and not the exact english meaning.?

Question

is it like .. financial services?

Answer 1

yes it is a financial service. individual companies have accountants that prepare the financials for each year.. an audit is where a accounting firm is paid by the individual company to sent its auditors to check these accounts.

auditors go to the clients and go through these financials.. every little detail is checked to see if its there or not and if the proof of payment is available.

this is the quick summary of what an audit is.

Answer 2

Audits are performed to ascertain the validity and reliability of procedures and financial information, and also provide an assessment of a company or a business' system of internal control. Such systems must adhere to generally accepted standards set by governing bodies that regulate businesses. An audit is based on random sampling and is not an assurance that financial statements are free from errors. It simply provides assurance for third parties or external users that such statements present 'fairly' a company's financial condition and results of operations.

Auditing is a part of some quality control certifications such as ISO 9000.

Answer 3

Oversee. Some agency will audit some company. They will oversee the operations and make sure all is well. It is a system of checks and balances. It makes sure nothing is illegal or improper. It can also be used to fine tune an operation and increase profits in a store.

Answer 4

its the review of work...in colleges for example, the finanical aid distribution gets audited by the federal government, that is the government reviews the work of the college to make sure that finanical aid was distributed properly...in short, its the review of work

Answer 5

It means "open your books"
time to review your figures.

Answer 6

A = attempt (to)

U = unusually (making)

D = documents

I = intelligently

T = transparent