What is Audit?

A definition of Audit

“An audit is a systematic examination of financial records, processes, or systems to ensure accuracy and compliance with regulations and standards. It helps identify errors, fraud, or inefficiencies in operations.”

Audit in Business Glossary - What is an Audit?

Business Glossary > What is Audit?


Examples of Audit in a Sentence:

The company underwent an audit to ensure compliance with financial regulations.

An audit of the firm’s accounts revealed several discrepancies.

Preparing for an audit can help a business improve its financial processes.

Why is Audit Important in Business?

Audits are essential for maintaining transparency and accountability. They provide assurance to stakeholders that a company’s financial statements are accurate and reliable, which is crucial for investment, lending, and regulatory compliance.

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Associated Terms

Here are some associated business terms and synonyms for “Audit”:

  • Review
  • Inspection
  • Examination
  • Assessment
  • Evaluation

PwC Audit Example

PwC frequently conducts audits for multinational corporations to provide assurance on financial reporting. They assist companies in navigating complex regulatory landscapes by thoroughly examining financial records and ensuring compliance.

Final Notes on Audit

Audits are vital for ensuring financial integrity and building stakeholder trust. They help organizations identify areas for improvement and reduce the risk of financial misstatement or fraud.


This has been a definition of Audit meaning.

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