audited account

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Word: Audited Account

Part of Speech: Noun

Simple Explanation:

An "audited account" is a financial record that has been checked and verified by a trained professional. This person is usually an accountant or a Certified Public Accountant (CPA). The purpose of an audit is to make sure that the financial records are accurate and follow the rules.

Usage Instructions:

You can use "audited account" when discussing financial reports, businesses, or organizations. It is often used in formal contexts, like in meetings or reports.

Example:

• "The company presented its audited accounts to the board to show that everything was in order."

Advanced Usage:

In a more formal or technical context, you might say, "The audited accounts provide assurance to stakeholders that the financial statements are free from material misstatement."

Word Variants:

• Audit (verb): To check and review financial records.
  • Example: "The accountant will audit the company’s finances next month."
• Auditor (noun): The person who performs the audit.
  • Example: "The auditor found several discrepancies in the financial statements."

Different Meanings:

While "audited account" specifically refers to financial records, the term "audit" can also refer to reviews in other fields, like quality control or compliance.

Synonyms:

• Reviewed account
• Verified account
• Examined account

Related Idioms:

• "Dot the i's and cross the t's": This means to pay great attention to detail, which is important in auditing.
• "On the up and up": This means something is honest and legitimate, often used in the context of financial dealings.

Phrasal Verbs:

There aren't specific phrasal verbs that directly relate to "audited account," but you might encounter phrases like: - "Look over": To examine something carefully. - Example: "We need to look over the audited accounts before the meeting."

Summary:

An "audited account" is an important document that shows a business's financial health and integrity. It reassures investors and stakeholders that the financial information is truthful and reliable.

Academic

Noun

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

Synonyms

• audit