What is another word for “auditing”?
Read on to find out more.
Auditing means verification of the books of accounts.
So, the auditor verifies if the financials are free from errors.
You can use the following words as synonyms for “audit.”
- Verification
- Checking
- Examination
- Inspection
- Look over
- Scrutinize
- Investigate
- Evaluate
- Analyse
- Study
The above terms fall into a broad category of synonyms for auditing. In other words, they comprise a part of the term “audit.” So, the word “audit” is a comprehensive term.
Insights About Auditing:
The Word “Audit” is derived from the Latin “Audire,” which means to hear. Previously, Auditors listened to the accounts read out for them, so that’s the background for using the word “Audire.”
Can “Another word for Auditing” listed above be used interchangeably?
Nope, using the above words as Auditing synonyms is not appropriate. This is because the word “Auditing” has quite a large purview. Therefore, the word ” auditing ” differs from the above ones.
FAQ’s:
Are Verification and Examination (in auditing) the same?
Auditors have a greater responsibility to ensure the books of accounts reflect a true and fair view of financial statements, and the extent of audit procedures varies with evolving business and technological advancements. Even though these two words seem to have the same meaning, they have different contexts, so understand the context before using them interchangeably.
Verification is how the auditor uses this to confirm physical inventory/assets (Existence). Examination means looking into the Purchase invoice to confirm the rights of the entity towards the Assets (Rights)
Does Investigate and Analyze (in auditing) mean the same?
The auditor performs analytics to understand the relationships among various account balances. For instance, analyzing current year accounts payable with the previous year to understand the reasons for the fluctuations.
Once the fluctuations exceed the threshold, the auditor will investigate to understand the reasons for the variance.
We will try to understand this with an example. The table below comprises the Accounts payable balance for the current and prior years, assuming audit materiality equal to $10 million.
Such analytics will reveal the fluctuations and their reasons, giving the auditor more persuasive audit evidence. In Scenario 2, there is an increase in accounts payable compared to the prior year (Analysis), which could be due to increased expenses due to new projects or the company’s inability to honor its cash commitments (Results of Investigation).
Conclusion:
We have included all the Auditing synonyms above. But the meaning of Auditing is a comprehensive term. Therefore, the audit scope is broad enough to encompass all the mentioned words.
