Definition from Nolo’s Plain-English Law Dictionary
An examination of the financial records of a person, business, or organization, typically done to correct careless or improper bookkeeping or to verify that proper records are being kept. Businesses and nonprofits often undergo an annual audit by an independent accounting firm. The IRS also conducts audits, mainly to assess taxes owed.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm