Auditor's studied record for bureaucratic business (7)

I believe the answer is:

redtape

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'bureaucratic business' is the definition.
I know nothing about this answer so I cannot judge whether this works.

'auditor's studied record' is the wordplay.
'auditor's' shows a homophone (sound like).
'studied' becomes 'read' (to read a subject is to study it at university).
'record' becomes 'tape' (synonyms).
'read' sounds like 'red'.
'red'+'tape'='REDTAPE'

'for' acts as a link.

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I've seen this clue in The Times.

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