Definition

Noun: - A formal examination and verification of financial records: An "audited account" is a set of financial statements (like a balance sheet or income statement) that has been officially inspected and confirmed as accurate by an independent, qualified accountant or auditor.

Usage

• This term is used specifically in financial, business, and legal contexts to refer to the final, certified financial documents resulting from an audit.
• It indicates that the financial records are reliable and have been prepared according to accepted accounting principles.

Examples

Advanced Usage

• "To have one's accounts audited": To undergo the process of an audit.
  • The board decided to have the company's accounts audited following the discrepancy.
• "To present audited accounts": To formally submit or show the certified financial statements.
  • At the shareholder meeting, the CFO will present the audited accounts for the fiscal year.

Variants and Related Words

• Audit (noun/verb): The process of conducting the official examination.
  • The external audit will take two weeks to complete.
• Auditor (noun): The qualified person (e.g., a Certified Public Accountant) who performs the audit.
  • The auditor signed off on the financial statements.
• Unaudited Account (noun): Financial statements that have not been subject to an independent audit.
  • The preliminary figures are from an unaudited account.

Synonyms

• Certified financial statements
• Examined accounts
• Verified financial records

Related Phrases

• "Clean audit opinion": A statement from the auditor that the financial accounts present a true and fair view.
  • The company received a clean audit opinion on its audited accounts.
• "Scope of the audit": The extent and boundaries of the audit examination.
  • The scope of the audit covered all transactions from the last quarter.

Noun

1. an inspection of the accounting procedures and records by a trained accountant or CPA