Limited Audit (Noun)
Meaning
An audit of limited scope (limited in time span or confined to particular accounts etc.).
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company opted for a limited audit to review only the transactions from the past quarter.
- A limited audit was conducted to assess the financial statements of the newly acquired subsidiary.
- The auditor performed a limited audit of the company's accounts payable and accounts receivable.
- Due to time constraints, the auditor decided to conduct a limited audit focusing on high-risk areas.
- The limited audit revealed discrepancies in the company's inventory management system.