Audit Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Audit, written in plain English, along with examples of how it is used.

What is Audit?

(n) Audit is the examination of the records of a business entity, to form an opinion about the authenticity of such records, by verifying the correctness and reliability of the recorded transactions from the evidences available, opinion and inference reachable based on the circumstances and situation prevailing therein.