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Glossary of Financial & Economic Terms |
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Glossary of Financial & Economic Terms |
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Audit / auditing
T An audit is a review of a system, document, organization, or anything, usually done by an independent, uninvolved party. The purpose is to verify that the subject of the audit was completed or operates according to approved and accepted standards, statutes, regulations, or practices. Therefore the audit is an important part of management.
source: http://en.wikipedia.org/wiki/Audit
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