Audited

The term 'audited' refers to the process of conducting an official examination and verification of financial records and accounts to ensure accuracy and compliance with established standards. An audit can be performed internally by the organization's own personnel or externally by an independent agency or auditor. audited documents provide assurance of financial integrity and are essential in detecting discrepancies, fraud, and ensuring transparency in financial reporting.

Audited meaning with examples

• After the fiscal year, the company's finances were audited by an independent firm to ensure no discrepancies existed. The thorough examination revealed a few minor errors, but overall, the financial statements were accurate and compliant with industry standards.
• The government requires all non-profit organizations to have their financial statements audited annually to maintain transparency and accountability. This regulation ensures that donor funds are appropriately utilized and reported, helping to build public trust.
• When the bank applied for a loan, they submitted their audited financial statements to demonstrate their financial health and creditworthiness. The auditor's report provided the bank with confidence that the financial data was accurate and reliable.
• The corporate board decided to undergo an internal audit, where departments were audited to identify areas for improvement in efficiency and cost-saving measures. The findings would guide future strategies for better resource management.
• In preparation for the upcoming investor meeting, the startup had its financial records audited to assure potential investors about its promising growth and profitability. An external audit added credibility to their projected forecasts and financial claims.