Preauditing

Part of speech: noun, verb

Definitions

1. The process of examining financial accounts or documents before final auditing; reviewing records beforehand to ensure accuracy and compliance; conducting preliminary checks on data prior to formal evaluation
2. The activity of assessing financial paperwork and related information in advance of an official audit; verifying completeness and correctness before thorough scrutiny; evaluating records prior to the main auditing procedure
3. An initial review of accounting and financial statements conducted prior to a comprehensive audit; inspecting documentation to identify potential issues early; performing preparatory examination before formal auditing steps

Etymology: Audit comes from Latin "audire", "to hear", because medieval accounts were checked by listening: an official read the account aloud while others followed along and verified it. The Latin "auditus" gave English "audit", and the older sense of a formal hearing of accounts is what survives in the word today. The prefix "pre-", meaning "before", placed in front of "audit" produces "preaudit", a check carried out before the full examination. The verb "preauditing" therefore names the act of performing that early review, whether it is inspecting paperwork for errors or spotting problems before formal audit steps begin.

Synonyms: preliminary audit, initial audit, preliminary review, pre-assessment

Antonyms: post-audit, final audit