Audit
An examination of a taxpayer's return and financial records by the IRS to verify that income, deductions, and credits are reported accurately.
Encyclopedia entry: Audit
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audit
An audit (noun) is a formal examination and verification of an individual’s or organization’s records and accounts, finances, or compliance with a set of standards.
To audit (verb) is the act of conducting formal examination and verification.
[Last reviewed in June of 2021 by the Wex Definitions Team
]
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.