WordNet-Online
Free dictionary and thesaurus of English. Definitions, synonyms, antonyms and more...
Hint: double-click any word to get it searched!

	Enter your search terms Submit search form
	Web www.wordnet-online.com

Definitions from WordNet

Definitions from the Web

Limited Audit

Definition:

A limited audit refers to an examination of a company's financial statements and records performed to a lesser extent compared to a full-scale audit. It focuses on specific areas or accounts instead of analyzing the entire financial records of an organization.

Sense 1:

Part of Speech:

Noun

Definition:

A limited audit as a noun refers to the process of conducting an investigation on specific sections of a company's financial statements to ensure accuracy and compliance with accounting standards.

Examples:

1. The limited audit revealed some irregularities in the payroll account.

2. The company opted for a limited audit to save time and resources.

Related Products:

For books on auditing practices and techniques, check out the following:

1. Auditing for Dummies
2. Auditing 101: The Basics

Sense 2:

Part of Speech:

Adjective

Definition:

If used as an adjective, limited audit describes an audit process that is restricted or focused on specific areas rather than comprehensive analysis.

Examples:

1. The company decided on a limited audit approach to minimize disruption to regular operations.

2. The auditor conducted a limited audit review to assess the effectiveness of internal controls within the purchasing department.

Related Products:

For resources on improving internal controls and auditing practices, consider these options:

1. Best Practices in Internal Controls
2. Auditing Standards: The Complete Guide