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audit (noun) an official inspection of accounts and financial records; an official examination of the standards of the quality of something.
The usual practice of any organization or any government is to get its income and expenditure account examined at the end of every year. This is audit. The purpose of the audit is to see whether there has been any waste or misuse of funds, and to suggest ways of better management of funds. An audit reveals the irregularities, if any, committed in the spending of funds.
- The audit of the accounts of the organization has revealed that certain items were bought at prices higher than the market price, and some other items were bought for no purpose.
- The company refused to release any more funds for the purchases pending enquiry into certain irregularities the audit has revealed.