definition audit
DEFINITION of 'Audit'. 1. An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm).2.An IRS examination of a taxpayer's return or other transactions.. An unbiased examination and evaluation of the financial statements of an organization. It can be done internally (by employees of the organization) or externally (by an outside firm). 2.