Located audit set for revision (8)
I believe the answer is:
situated
'located' is the definition.
('situate' can be a synonym of 'locate')
'audit set for revision' is the wordplay.
'for revision' indicates anagramming the letters (I've seen this in other clues).
'audit'+'set'='auditset'
'auditset' with letters rearranged gives 'SITUATED'.
(Other definitions for situated that I've seen before include "Positioned" , "Located; put into position" , "Placed or located in certain position" .)