audit
AW-dit
/ˈɔːdɪt/
An official inspection of an individual's or organization's accounts, typically by an independent body.
An audit is a formal, systematic examination, often legally mandated, to ensure accuracy and compliance. It implies a thorough and critical review, not just a casual check.
The story behind the word. The word 'audit' comes from the Latin 'audire,' meaning 'to hear.' In medieval times, financial accounts were often checked by having them read aloud, and the auditor would 'hear' the accounts to verify them. This oral tradition evolved into the written inspections we know today, but the 'hearing' root remains!
Word relationships
- inspection: More general; an audit is a specific type of financial or procedural inspection.
- examination: Broader; an audit is a formal and often official examination of records.
- neglect: To ignore or fail to review, opposite of careful scrutiny.
Commonly confused with
- review: A 'review' can be informal or less rigorous; an 'audit' is always formal, systematic, and often involves verification against standards.
Word family
- auditor (noun): A person who conducts an audit.
- auditable (adjective): Capable of being audited.
Collocations
- financial audit
- external audit
- internal audit
- conduct an audit
- undergo an audit
- audit report
Example sentences
- "The external auditors arrived to conduct their annual financial audit, scrutinizing every transaction." The company underwent a rigorous financial audit.
- "The government decided to audit the effectiveness of the new social welfare program after reports of significant overspending." A government agency auditing a program.
- "She chose to audit the advanced philosophy course, attending lectures without needing to complete assignments or receive a grade." A student auditing a course.
Memory hook
An AUDIT is when someone comes to 'AUDIT' (hear/check) your books to make sure everything is correct. Hear the numbers
When not to use
Don't use 'audit' for a casual review or a quick check of something informal. It carries a sense of official scrutiny.
Fun facts
- The term 'auditor' was first used in English in the 15th century.
- Beyond finance, 'audit' can also refer to attending a university course without receiving academic credit, simply to 'hear' the lectures.
Related words
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