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auditing

[ˈɔːdɪtɪŋ]

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

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'

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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.