Definition

The financial equivalent of a surprise inspection where someone with a calculator and a suspicious mind examines your records to ensure you're not committing creative accounting. It's an independent review of financial statements, controls, and compliance that either confirms everything's fine or ruins everyone's year. The word alone can make CFOs break into a cold sweat.

Example Usage

The surprise audit revealed some interesting discrepancies in the expense reports, particularly around Bob's 'business lunches' at steakhouses every day.

Source: Accounting and finance terminology

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lolci

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