auditing Definition
the process of examining and verifying financial accounts and records.
Using auditing: Examples
Take a moment to familiarize yourself with how "auditing" can be used in various situations through the following examples!
Example
The company hired an auditing firm to review their financial statements.
Example
Auditing is an important part of maintaining accurate financial records.
Example
The government requires regular auditing of certain businesses.
auditing Synonyms and Antonyms
Synonyms for auditing
Phrases with auditing
an independent, objective assurance and consulting activity designed to add value and improve an organization's operations
Example
The company has a team of internal auditors who regularly review their financial records.
auditing standards
a set of guidelines and procedures that auditors follow when conducting an audit
Example
The auditing standards require that the auditor maintain independence from the client.
an examination and evaluation of a company's or individual's financial information for use as evidence in court
Example
The forensic auditing revealed evidence of fraud within the company.
Origins of auditing
from Latin 'audire', meaning 'to hear'
Summary: auditing in Brief
'Auditing' [ˈɔːdɪtɪŋ] refers to the process of examining and verifying financial accounts and records. It is an important part of maintaining accurate financial records and is often required by governments for certain businesses. Phrases like 'internal auditing' and 'forensic auditing' denote specific types of auditing, while 'auditing standards' refer to the guidelines and procedures that auditors follow.
