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audit
(redirected from Government audits)

   Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson 0.09 sec.
Audit
1. An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm).

2. An IRS examination of a taxpayer's return or other transactions. The IRS performs this examination to verify the correctness of these filings.

Notes:
1. Auditors ensure the fiscal accuracy and responsibility of organizations.

2. The ultimate fear of every taxpayer.


Audit
An examination of a company's accounting records and books conducted by an outside professional in order to determine whether the company is maintaining records according to generally accepted accounting principles. See: accountant's opinion.

audit
An examination of an organization's financial documents in order to determine whether the records and reports are valid and the information is fairly presented. An independent audit is usually conducted by a Certified Public Accountant who then issues an opinion as to whether the statements accurately and fairly represent the firm's operations and financial position. See also external audit, internal audit.

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The standards emphasize the critical role of government audits in achieving credibility and accountability in government, with an increased focus on the ethical principles underlying the work of those who audit government programs and activities.
She has since reformed the business tax, works on Government Audits and Efficiency, is President ProTem of the City Council, and has just taken over as chair of the Transportation Committee, where she plans to work to solve the gridlock problems of our city.
The GAO establishes the Corporate Audits Division to oversee government audits and names CPA T.
 
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