Audit

What does it Mean? 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 accuracy of these filings.
Investopedia Says... 1. Auditors ensure the fiscal accuracy and responsibility of organizations.

2. This is the ultimate fear of nearly every taxpayer.

Terms Related Links

Andersen Effect
Auditor's Report
Generally Accepted Accounting Principles - GAAP
Independent Auditor
Internal Audit
Internal Revenue Service - IRS
Material Weakness
Opinion Shopping
Performance Audit
Revenue Agent

Terms Related Links
Surviving The IRS Audit - Keeping thorough records and knowing the penalties make this experience easier than you'd expect.

Avoiding An Audit - Don't make yourself a target - steer clear of these "red flag" actions.

Trying On Potential Employers - Ditch your ego, prove that you'll work hard and don't settle for the wrong company.

Deducting Your Donations - Generosity may be its own reward, but some charitable giving also provides personal tax benefits.

Advanced Financial Statement Analysis - Learn what it means to do your homework on a company's performance and reporting practices before investing.

Tax Tips For The Individual Investor - We give you seven guidelines to help you keep more of your money in your pocket.

What is the difference between a compiled and a certified financial statement?

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