Audited – Definition & Meaning

Auditing is a term that is commonly used in the business world. It is a process that involves reviewing and examining financial records, statements, and transactions to ensure that they are accurate and comply with the relevant laws and regulations. Auditing is an important part of financial management, and it helps to ensure the integrity and reliability of financial information. In this article, we will explore the definition and meaning of audited, its origin, as well as its synonyms and antonyms.

Definitions

The term audited refers to a process of reviewing and examining financial records, statements, and transactions to ensure that they are accurate and comply with the relevant laws and regulations. Auditing is usually carried out by an independent third-party auditor who is trained and qualified to perform the task. The auditor’s role is to provide an objective assessment of the financial records and to identify any errors, inconsistencies or fraud.

Origin

The word audited comes from the Latin word “audire,” which means “to hear.” The term was first used in the 16th century to refer to the process of examining and verifying financial records. Over time, the term has evolved to encompass a broader range of activities, including compliance auditing, internal auditing, and performance auditing.

Meaning in different dictionaries

According to the Merriam-Webster dictionary, audited means “to conduct an official financial examination of (an individual’s or organization’s accounts).” The Oxford English dictionary defines audited as “to examine (accounts or financial records) officially, especially with regard to their accuracy and compliance with legal requirements.”

Associations

Auditing is closely associated with financial management and accounting. It is an important part of financial reporting and helps to ensure the accuracy and reliability of financial information. Auditing is also associated with risk management and compliance, as it helps to identify areas of potential risk and ensure that organizations comply with relevant laws and regulations.

Synonyms

Some synonyms of audited include examined, scrutinized, reviewed, and inspected.

Antonyms

Antonyms of audited include unexamined, unchecked, and unverified.

The same root words

The same root words as audited include auditory, auditorium, and audience.

Example Sentences

  1. The company’s financial records were audited by an independent auditor to ensure their accuracy.
  2. The government agency was audited for compliance with environmental regulations.
  3. The bank will not approve the loan until the applicant’s financial records have been audited.
  4. The auditorium was filled to capacity for the concert.
  5. The speaker addressed a large audience at the conference.
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