Dog in story for an audience (4)
I believe the answer is:
tail
'dog' is the definition.
(synonyms)
'story for an audience' is the wordplay.
'story' becomes 'tale' (synonyms).
'for an audience' shows a homophone (sound like) (as the word might sound to an audience).
'tale' is a homophone of 'TAIL'.
'in' is the link.
(Other definitions for tail that I've seen before include "Follow -- rear end" , "Shadow" , "Follow the caudal appendage" , "Rump" , "Animal's elongated appendage" .)