outside audit


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External Audit

A measurement and report on the state of a person's or business' finances, made by an external agency. A common (and feared) example of an external audit is an audit by the IRS, which is done to ensure that the person or business being audited has paid the appropriate amount in taxes. Often, companies hire audit firms to look at their financial states and to receive an objective assessment. It is also called an outside audit. See also: Internal audit, Audit.

outside audit

References in periodicals archive ?
Cost is not the only pain associated with the outside audit.
You also do not need to have an outside audit firm; again, this is optional.
AC chairmen must reach outside the boardroom to work and communicate fully, yet sensitively, with the outside audit partner, inside audit staff, counsel and top management.
It was triggered by complaints about the "integrity" of officers and outside audit firm KPMG who were brought in to examine deals with Liverpool Direct Ltd (LDL), which operates call centres, and street cleaning organisation Enterprise - the council's two largest contracts.
PITTSBURGH (AP) -- Community College of Allegheny County trustees have ordered an outside audit of the school's finances and agreed to adopt the state's Right to Know Law as its policy for releasing information to the public.
The archdiocese has since commissioned an outside audit of how the allegations were handled.
Let's hope this type of outside audit occurs more regularly in the future," he said.
Although Kranacher had informed university officials of the problems at the college, it wasn't until Regina's wild spending hit the newspapers that a formal outside audit was conducted.
The leaders say they would ask the university to agree to an outside audit of its progress.
Kyle Morton, 28, of Wetherspoon's in Newcastle, said: "We are a member of Cask Marque and it is an outside audit which checks the cask beers.
An HHS review and outside audit found Hill was guilty of extensive financial mismanagement and other abuses.
This is where an outside audit of the paper machine can prove beneficial," he says.