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Meaning of audit process
The primary meaning of "audit process" refers to a systematic examination and review of an organization's financial records, procedures, and systems to ensure accuracy, compliance, and efficiency.
Etymology of audit process
The word "audit" comes from the Latin word "audire," meaning "to hear," and was originally used to describe the process of hearing and reviewing financial accounts
The term "audit process" has evolved to encompass a broader range of activities, including examination, review, and evaluation of an organization's financial and operational processes
Synonyms
examination process
review process
evaluation process
assessment process
inspection process
scrutiny process
investigation process
analysis process
appraisal process
checking process
verification process
validation process
certification process
accreditation process
compliance process
quality control process
due diligence process
risk assessment process
financial analysis process
regulatory compliance process
internal control process
management review process
operational review process
performance review process
strategic review process
Definitions
- A systematic examination and review of an organization's financial records, procedures, and systems
- * A process of evaluating an organization's internal controls, risk management, and governance processes
- * A review of an organization's compliance with relevant laws, regulations, and standards
Usage Examples
- The company underwent an audit process to ensure compliance with regulatory requirements
- * The audit process revealed significant discrepancies in the financial records
- * The internal audit process helped to identify areas for improvement in the organization's operational efficiency