Audit vs. Investigation

Auditnoun

A judicial examination.

Investigationnoun

The act of investigating; the process of inquiring into or following up; research, especially patient or thorough inquiry or examination

‘The investigation into the crime has led to various leads as well as plenty of dead ends.’; ‘Despite thorough investigation, the perpetrator of the attacks remains unknown.’;

Auditnoun

An examination in general.

Investigationnoun

The act of investigating; the process of inquiring into or following up; research; study; inquiry, esp. patient or thorough inquiry or examination; as, the investigations of the philosopher and the mathematician; the investigations of the judge, the moralist.

Auditnoun

An independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures

‘National Assembly audit’;

Investigationnoun

an inquiry into unfamiliar or questionable activities;

‘there was a congressional probe into the scandal’;

Auditnoun

The result of such an examination, or an account as adjusted by auditors; final account.

Investigationnoun

the work of inquiring into something thoroughly and systematically

Auditnoun

(Scientology) Spiritual counseling, which forms the core of Dianetics.

Investigationnoun

the action of investigating something or someone; formal or systematic examination or research

‘he is under investigation for receiving illicit funds’;

Auditnoun

(obsolete) A general receptacle or receiver.

Investigationnoun

a formal inquiry or systematic study

‘an investigation into fresh allegations of malpractice’; ‘a murder investigation’;

Auditnoun

(obsolete) An audience; a hearing.

Auditverb

To examine and adjust (e.g. an account).

‘to audit the accounts of a treasure, or of parties who have a suit depending in court’;

Auditverb

To conduct an independent review and examination of system records and activities in order to test the adequacy and effectiveness of data security and data integrity procedures, to ensure compliance with established policy and operational procedures, and to recommend any necessary changes

Auditverb

(Scientology) To counsel spiritually.

Auditverb

To attend an academic class on a not-for-academic-credit basis.

Auditnoun

An audience; a hearing.

‘He appeals to a high audit.’;

Auditnoun

An examination in general; a judicial examination.

Auditnoun

The result of such an examination, or an account as adjusted by auditors; final account.

‘Yet I can make my audit up.’;

Auditnoun

A general receptacle or receiver.

‘It [a little brook] paid to its common audit no more than the revenues of a little cloud.’;

Auditverb

To examine and adjust, as an account or accounts; as, to audit the accounts of a treasure, or of parties who have a suit depending in court.

Auditverb

To settle or adjust an account.

‘Let Hocus audit; he knows how the money was disbursed.’;

Auditnoun

an inspection of the accounting procedures and records by a trained accountant or CPA

Auditnoun

a methodical examination or review of a condition or situation;

‘he made an audit of all the plants on his property’; ‘an energy efficiency audit’; ‘an email log audit’;

Auditverb

of accounts and tax returns; with the intent to verify

Auditverb

attend academic courses without getting credit

Audit

An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report.Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement.