Audited Account (Noun)
Meaning
An inspection of the accounting procedures and records by a trained accountant or CPA.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company's financial statements were thoroughly reviewed as part of the annual audited account process.
- After several discrepancies were discovered, the audited account revealed the need for a major overhaul of the firm's accounting practices.
- During the audited account, the CPA flagged numerous transactions for further examination due to suspected irregularities.
- As part of the corporate governance requirements, the board of directors mandated an annual audited account to be conducted by an independent accounting firm.
- A detailed analysis of the company's expenses was included in the audited account report, highlighting areas where costs could be optimized.