The term 'Examination of Records' can be summarized as an AUDIT, which is a five-letter word. An AUDIT is an independent review and examination of records and activities to assess the adequacy of internal controls, accuracy of financial records, and efficiency of operations. Audits are conducted by external auditors who are independent of the organization being audited. The purpose of an AUDIT is to provide assurance that the organization's financial statements are accurate and reliable.