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 accuracy of these filings. Investopedia Says:
1. Auditors ensure the fiscal accuracy and responsibility of organizations.
2. This is the ultimate fear of nearly every taxpayer. Related Terms:
Andersen Effect
Auditor's Report
Generally Accepted Accounting Principles - GAAP
Independent Auditor
Internal Audit
Internal Revenue Service - IRS
Material Weakness
Opinion Shopping
Performance Audit
Revenue Agent |