audits

Meanings

• noun

  An examination and evaluation of an organization's or account's financial transactions and accounting records.

  - "The annual audits of public companies are conducted by independent auditing firms."
  - "The audits revealed several discrepancies in the company's financial statements."

• noun

  A thorough inspection, examination, and assessment.

  - "The quality control team conducts regular audits of the production process."
  - "The committee conducted a comprehensive audit of the organization's policies."

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Rhymes

Words rhyming with audits
rehearses , prepares , aspires , spares , cares

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Variants

List of all variants of audits that leads to same result
audit , auditabilities , auditability , auditable , audited , auditee , auditees , auditing , audits

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Etymology

origin and the way in which meanings have changed throughout history.

The word 'audit' comes from the Latin word 'audire,' which means 'to hear.'

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Did you know that the first recorded use of the word 'audit' was in 1282, when the English monarch Edward I required all merchants to submit their accounts for audit?

2. The largest audit ever conducted was of the Soviet Union's economy, which took over 20 years to complete.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Accounting: The practice of recording, classifying, and summarizing financial transactions and reporting financial information.

2. Financial Statement Analysis: The process of evaluating financial information to assess the financial health of a company.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Audits have been an essential part of business operations since ancient civilizations. They have been used to ensure the accuracy of financial records and to maintain transparency and accountability.

How to Memorize "audits"

1. visualize
   

   - Imagine a team of inspectors going through financial records and documents.
   - Visualize a checklist or a detailed report being filled out during an audit.

2. associate
   

   - Associate the word 'audit' with 'inspection' or 'evaluation'.
   - Think of 'audit' as a thorough examination.

3. mnemonics
   

   - Use the acronym 'AUDIT' to remember the steps of an audit: 'Accuracy, Understanding, Depth, Integrity, and Timeliness'.

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