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Dictionary by pitch.dog
Accounting policy, GAAP & adjustments · Working

Audit adjustment

Also called: proposed adjustment

ELI5

An accounting correction proposed or recorded during an audit.

Used in conversation

“Finance needs to reconcile audit adjustment before the numbers are released.”

Pitch context

You will see “Audit adjustment” in financial models, budgets, board packs and investor materials when the discussion reaches accounting policy, gaap & adjustments.

Why it matters: In accounting policy, gaap & adjustments, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

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Sources & evidence · 4

Direct term-level sources and supporting source families.