What is an Audit of Records?

By Leanna Kelly Have you ever pulled up your personal finances, only to find that something doesn’t add up? As you go back through and check each individual transaction to find the mistake, you’re actually performing an audit of records. For larger companies, the process is much the same. An audit is an examination and evaluation of an organization’s financial records and statements, to inspect and verify transaction accuracy.
Audit has a bad connotation attached to it because it’s associated with the Internal Revenue Service (IRS). Most companies “under audit” by the IRS have a reason to be—a red flag went up somewhere in …read more