Audit – Inspection of a company's accounts by an independent body
(Pronounced aw-dit)
To remember the definition of the word audit, use the following mnemonic:
The company owner wanted to hoard it (audit) but the inspection of accounts uncovered his stash of cash.
Examples of audit in a sentence
The company has an audit at the end of each financial year.
An internal audit revealed that funds had been misdirected into the CEO's private account.
The audit regime has had the positive effect of improving professional standards within the company.
