The term ‘right to audit’ refers to an investor’s (or board member’s) right (but not obligation) to audit the books, balance sheet, user base, code base or other centralized record of their portfolio companies’ that is directly related to its business operations and performance. Typically the right to audit is included in the provisions of the term sheet that is provided to the business receiving the investment. A recent example of an investor leveraging the right to audit, is Elon Musk who requested access to the user logs of Twitter to determine how many actual fake and spam accounts there are (compared to the 5% they reported).