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Tax & Compliance

Audit Tool Glossary

Terms for planning, performing and recording audits.

5 terms · Updated 12 November 2026

A2 terms

Audit Checklist

A list of points an auditor must verify during an audit.

Audit Observation

A finding or issue an auditor notes while reviewing records.

I1 term

Internal Audit

A review carried out by the company's own team to test controls.

S2 terms

Sampling

Checking a selected set of transactions instead of every one.

Statutory Audit

A legally required audit by an independent auditor.

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