an examination by a trained accountant of the financial records of a business or
governmental entity, including noting improper or careless practices, recommendations
for improvements, and a balancing of the books. An audit performed by employees
is called "internal audit," and one done by an independent (outside) accountant
is an "independent audit. " Even an independent audit may be limited in that the
financial information is given to the auditor without an examination of all supporting
documents. Auditors will note that the audit was based on such limited information
and will refuse to sign the audit as a guarantee of the accuracy of the information
provided.
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