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TeachMeFinance.com audit -- Inspection and verification of financial accounts, records and accounting procedures. another definition... audit -- a periodic or continuous official examination of a thrift institution's account records, policies and procedures, confirmation of account balances and tests of the accuracy of transactions to verify the stated assets and liabilities of the institution. historic definition... Audit -- An examination and adjustment of accounts by comparing the charges with the vouchers, striking balances, etc. The purpose of an audit is to determine or demonstrate the correctness of accounts. An independent audit of the accounts of a company insures (or is intended to insure) to the stockholders and the general public the accuracy of the financial exhibits issued by the officers of the company. There are concerns which make a business of auditing accounts and which furnish a certificate and guaranty of the accuracy of their audits. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.