Audit

How it is used

Used in finance, compliance and management. An external audit is done by an independent audit firm, which gives an audit opinion on the financial statements; internal audit checks the bank's own controls. 'Audit' is also a verb: auditors audit the accounts. Audit findings must be followed up and closed.

Example sentences

1. The auditors gave an unqualified opinion on this year's financial statements.

2. Internal audit found weaknesses in the branch's cash controls.

Common collocations

• external audit
• internal audit
• audit opinion
• audit findings
• audit firm

Related terms

• annual reportA document a company publishes each year about its activities, results, strategy, risks and management, usually including the audited financial statements.
• complianceFollowing the laws, regulations and internal rules that apply to a bank; also the name of the department that checks that this happens.
• balance sheetA financial statement showing what a company owns (assets), what it owes (liabilities) and the owners' share (equity) on a specific date.
• regulatorA public body that makes and enforces the rules for an industry. Banking regulators license banks, set capital rules and inspect banks.
• regulatory reportingThe regular submission of financial and risk data by banks to regulators and central banks, in set formats and by set deadlines.

This word in other fields

The same English word can have a different meaning in another field:

• audit · Software Engineering
• audit · Cybersecurity
• audit · Blockchain & Crypto
• audit · Industrial Engineering & Manufacturing
• audit · Food Science & Technology
• audit · Accounting & Tax
• audit · Public Administration

More terms: Financial Statements

• income statement
• asset
• liability
• equity
• revenue
• net income
• write off
• depreciation
• EBITDA
• in the red
• expense
• profit