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    Accounting Dictionary

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    Audit


    Definition:
    An audit is the review and verification of an entity's accounting records, as well as the physical inspection of its assets. If performed by a certified public accountant (CPA), the CPA can then express an opinion on the fairness of the entity's financial statements.

    An internal audit can address a broad array of issues, such as employee compliance with corporate polices. A compliance audit usually addresses an entity's compliance with the a government agency's rules and regulations.