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An audit is an educational term for the completion of a course of study for which no assessment is made or grade awarded. Some institutions may record a grade of "audit" to those who have elected not to receive a letter grade for a course in which they are typically awarded.
In this case, 'audit' indicates that the individual has merely received teaching, rather than achieved a given standard. The term 'audit' is Latin, translating as 'he hears'; in other words, the student has experienced the course but has not been assessed.
This technique is often employed by individuals who wish to take a specific course without the risk of under-performance resulting in a poor or failing grade. This can be helpful when reviewing a long-unstudied subject, or when first beginning the study of a discipline where one has little experience or confidence. Some students audit a class merely for enjoyment with no need or desire of academic credit.
-  Retrieved on 8 March 2010.