Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia, Wikipedia.
n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. Many counties have an appointed or elected Auditor to make independent audits of all governmental agencies in the county government. The term "auditor" is often misused as meaning any accountant. (See: audit)
auditoran accountant who verifies the books of a company, stating whether they give a true and fair view of the company's position. Every company is required to appoint at each general meeting at which accounts are laid an auditor or auditors to hold office from the conclusion of the meeting until the conclusion of the next such general meeting. Except in the case of a continuation of an appointment of auditors whose appointment was approved at the previous general meeting held to consider the accounts, special notice is required of a resolution concerning the appointment of auditors. To be eligible for appointment as a company auditor, a person, either an individual or a firm, must be a member of a recognized supervisory body and eligible for appointment under the rules of that body. Dormant companies and smaller companies may decide not to be audited.
AUDITOR. An officer whose duty is to examine the accounts of officers who have received and disbursed public moneys by lawful authority. See Acts of Congress, April 3, 1817; 3 Story's Laws U. S. 1630; and the Act of February 24, 1819, 3 Story's L. U. S. 1722.