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Audited Meaning: Definition, Examples, and Translations

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audited

[หˆษ”หdษชtษชd ]

Definition

Context #1 | Verb

financial review

Audited refers to the process of conducting an official examination and verification of financial accounts and records, typically by an independent authority. This can ensure accuracy and compliance with established standards or regulations. In a broader sense, it can also involve reviewing any process or system for integrity and performance.

Synonyms

examined, reviewed, verified.

Examples of usage

  • The company's finances were audited last year.
  • An external firm audited the annual accounts.
  • All departments are audited to maintain compliance.
  • The results of the audited financial statements were positive.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Financial Practices

  • Auditing is crucial for businesses; it helps identify inefficiencies or fraud, ensuring financial integrity.
  • External audits are performed by independent firms to provide an unbiased opinion on a companyโ€™s financial statements.

Pop Culture

  • Television shows set in corporate environments often feature audits to create tension, showcasing the pressure of financial scrutiny.
  • Movies about financial crime often include audits as a turning point, revealing hidden truths about characters or organizations.

Legal Regulation

  • Governments require regular audits for public companies to protect investors and maintain market confidence.
  • Failure to comply with auditing standards can lead to legal repercussions, including fines or loss of business licenses.

Education

  • Studying auditing methods is a key component of accounting programs in universities, teaching students how to analyze finances systematically.
  • Professional certification as an auditor often requires rigorous exams and practical experience, highlighting the importance of credibility.

Origin of 'audited'

Main points about word origin

  • The word comes from the Latin 'audire', which means 'to hear', as auditors would listen to accounts being read.
  • In the Middle Ages, auditors were responsible for checking the accounts by listening to the account keepersโ€™ verbal reports.

The term 'audit' stems from the Latin word 'audire', which means 'to hear'. It originated in the 13th century to describe the action of hearing a report when financial accounts were read aloud. The practice grew over the centuries, and the modern usage began to take shape in the 19th century with the establishment of formal auditing practices in commerce and industry. As businesses expanded and financial complexities increased, the need for more systematic and standardized methods of verification became necessary, leading to the professional auditing field we recognize today. The term 'audited' is simply the past participle of 'audit', indicating that the examination has been completed.

Word Frequency Rank

Ranked #12,309, this word falls into high-advanced vocabulary. It appears less frequently but is valuable for expressing precise meanings in specific contexts.