What does it mean to get audited?

Question

What can happen?

Answer 1

If its for taxes its not pleasant. but other things generally means reviewed

Answer 2

Well they are going to ask for all your tax records recipts and all that fun stuff so they can match up what you filed on your return. if any thing is found that you did not pay taxes on they charge you and then charge you again for intrest and fines.. possible tax evasion charges maybe filed against you but unless its in the hundreds of thousands i wouldnt worry.

Answer 3

That is when an auditing company (ex. ernst &young) checks your finances and your accounting system to make sure no money is being laundered, and that all of your financial statements being released to the public are correct and not altered.  Now companies also have to adhere to the Sarbanes-Oxley Act (SOX) which is a bunch of regulations/restrictions.