Auditing
/ˈɔːdɪtɪŋ/
verbIntermediate📊CommonAction
1 meaning1 question
Definitions
1
To systematically examine and verify the accuracy of financial records.
/ˈɔːdɪtɪŋ/
verbneutralIntermediate
Action
To officially examine the accounts of a business.
The government agency audited the bank's records.
💡 Simply: Checking if someone's accounts are correct.
More Examples
2
The firm hired an external auditor to audit its financial statements.
How It's Used
Accounting
"The company is undergoing an external audit this year."
Finance
"We need to audit the financial statements before submitting them."
From Old French 'audir' (to hear) via 'audit', ultimately from Latin 'audire' (to hear). Originally referred to a formal hearing or examination of accounts; the modern meaning evolved from this.
Historically, 'auditing' involved a more formal hearing or examination, emphasizing the listening aspect of the process.
Memory tip
Think 'audio' – listening carefully to the numbers.
Word Origin
Original meaning
"to hear"
external auditinternal auditfinancial auditaudit reportaudit committee
Common misspellings
auddingauditiongauditingg
Practice
Usage
10%Spoken
90%Written