Final answer:
The formal method for checking financial and other records is known as an audit, which is the correct answer to the student's question.
Step-by-step explanation:
A formal way of checking financial and other records is known as an audit. An audit involves examining and verifying an organization's financial statements and records to ensure accuracy and compliance with accounting standards and regulations. In contrast, an inventory entails listing assets and resources, an appraisal entails evaluating the value of an asset, and an inspection often refers to a visual examination of property or equipment. Thus, the correct answer to the student's question is a. Audit.