audit failure - definition in the Business English Dictionary - Cambridge Dictionaries Online

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English definition of “audit failure”

audit failure

noun [C or U]
 
 
ACCOUNTING
a situation in which an audit wrongly states that a company's accounts are correct when they contain mistakes or false statements: Until the audit failure has been investigated, we will not know if it was due to negligence or wrongdoing.
(Definition of audit failure from the Cambridge Business English Dictionary © Cambridge University Press)
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