Tax vs. Audit — What's the Difference?

A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law.

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.

A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions

An examination of records or financial accounts to check their accuracy.

A strain or heavy demand

An adjustment or correction of accounts.

Impose a tax on (someone or something)

An examined and verified account.

Make heavy demands on (someone's powers or resources)

A thorough examination or evaluation

Confront (someone) with a fault or wrongdoing

To examine, verify, or correct the financial accounts of

Examine and assess (the costs of a case)

To attend (a course) without requesting or receiving academic credit.

A contribution for the support of a government required of persons, groups, or businesses within the domain of that government.

To examine or evaluate (something) thoroughly

A fee or dues levied on the members of an organization to meet its expenses.

To conduct an audit.

A burdensome or excessive demand; a strain.

A judicial examination.

To place a tax on (income, property, or goods).

An examination in general.

To exact a tax from

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

(Law) To assess (court costs, for example).

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

To make difficult or excessive demands upon

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

To accuse; confront

(obsolete) A general receptacle or receiver.

To hold accountable

(obsolete) An audience; a hearing.

Money paid to the government other than for transaction-specific goods and services.

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

A burdensome demand.

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

A task exacted from one who is under control; a contribution or service, the rendering of which is imposed upon a subject.

(Scientology) To counsel spiritually.

(obsolete) charge; censure

To attend an academic class without the opportunity to receive academic credit.

(transitive) To impose and collect a tax from (a person or company).

An audience; a hearing.

(transitive) To impose and collect a tax on (something).

An examination in general; a judicial examination.

(transitive) To make excessive demands on.

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

(transitive) To accuse.

A general receptacle or receiver.

(transitive) To examine accounts in order to allow or disallow items.

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.

A charge, especially a pecuniary burden which is imposed by authority.

To settle or adjust an account.

A charge or burden laid upon persons or property for the support of a government.

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

A task exacted from one who is under control; a contribution or service, the rendering of which is imposed upon a subject.

A methodical examination or review of a condition or situation;

Especially, the sum laid upon specific things, as upon polls, lands, houses, income, etc.; as, a land tax; a window tax; a tax on carriages, and the like.

Of accounts and tax returns; with the intent to verify

A disagreeable or burdensome duty or charge; as, a heavy tax on time or health.

Attend academic courses without getting credit

A sum imposed or levied upon the members of a society to defray its expenses.

Charge; censure.

A lesson to be learned; a task.

To subject to the payment of a tax or taxes; to impose a tax upon; to lay a burden upon; especially, to exact money from for the support of government.

To assess, fix, or determine judicially, the amount of; as, to tax the cost of an action in court.

To charge; to accuse; also, to censure; - often followed by with, rarely by of before an indirect object; as, to tax a man with pride.

Charge against a citizen's person or property or activity for the support of government

Levy a tax on;

Set or determine the amount of (a payment such as a fine)

Use to the limit;

Make a charge against or accuse;