audit
Definition 1
An examination and verification of a company's financial and accounting records and supporting documents by a professional, such as a Certified Public Accountant.
Definition 2
An audit is an IRS examination of an individual or corporation's tax return, to verify its accuracy. There are three types of audits: correspondence audits (the IRS mails a request for additional information), office audits (an interview is conducted at a local IRS office), and field audits (an interview is conducted at a taxpayer's place of business, for a corporate tax return). Since there is always the chance of an audit, experts recommend keeping good records to support all the information in a return. The reason detailed and accurate bookkeeping is so important is that the burden of proof is on the filer, not the IRS.
An examination and verification of a company's financial and accounting records and supporting documents by a professional, such as a Certified Public Accountant.
Definition 2
An audit is an IRS examination of an individual or corporation's tax return, to verify its accuracy. There are three types of audits: correspondence audits (the IRS mails a request for additional information), office audits (an interview is conducted at a local IRS office), and field audits (an interview is conducted at a taxpayer's place of business, for a corporate tax return). Since there is always the chance of an audit, experts recommend keeping good records to support all the information in a return. The reason detailed and accurate bookkeeping is so important is that the burden of proof is on the filer, not the IRS.
Related Terms
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internal audit
auditor's qualified opinion
audit program
quality assurance (QA)
surcharge
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findings, conclusions, and recommendations (FCR)
auditor's opinion
ISO 9000 Series
public accounts committee (PAC)
audit resolution
audit scope
quality audit
audit strategy
quality auditor
tax audit
quality system audit
cash audit
record appraisal
registration of standards
compliance audit
compliance test
SA8000
conformity assessment
stocktaking
detective control
Underwriters Laboratories (UL)
internal audit
auditor's qualified opinion
audit program
quality assurance (QA)
surcharge
Audit Bureau of Circulation (ABC)
findings, conclusions, and recommendations (FCR)
auditor's opinion
ISO 9000 Series
public accounts committee (PAC)
audit resolution
audit scope
quality audit
audit strategy
quality auditor
tax audit
quality system audit
cash audit
record appraisal
registration of standards
compliance audit
compliance test
SA8000
conformity assessment
stocktaking
detective control
Underwriters Laboratories (UL)
mathematical evidence
value fore money analysis
audit evidence
value for money audit
forensic accounting
expense recovery
generally accepted auditing standards (GAAS)
going-concern principle
hoshin kanri
management audit
information audit
job analysis
performance audit
management expenses
external audit
compliance
review
disclosure
value fore money analysis
audit evidence
value for money audit
forensic accounting
expense recovery
generally accepted auditing standards (GAAS)
going-concern principle
hoshin kanri
management audit
information audit
job analysis
performance audit
management expenses
external audit
compliance
review
disclosure
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