outside audit


Also found in: Medical.

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 ?
Public companies saw the fees they paid to their outside audit firms rise 5% last year, to an average of $3.
The IAEA team will prepare a report that will be presented at a meeting of international officials next month in Vienna and represent the first outside audit of Japan's emergency response.
A former Austin Police Department employee's allegations of misconduct at the city's DNA Crime Lab prompted an outside audit of the lab.
Englestead said that in October of 2004, three months after Blackmon's first surgery and hospitalization, an outside audit was conducted on all USAH's charges listed on the Charge Master.
Beck said he has had discussions about the purchasing flaws with City Controller Wendy Greuel, concluding that her office should also conduct an outside audit.
The outside audit can provide a second set of eyes and a fresh look at the data and processes used.
An outside audit found that FHA's capital cushion will drop below 2 percent of the total dollar value of mortgages insured by the agency this fiscal year.
The program, which will be available only to TLMI members, goes so far as to enable a converter to get an outside audit to assess achievement in a multitude of areas, such as waste elimination; reduction of emissions, energy and water use; and efforts toward environmental management.
Cost is not the only pain associated with the outside audit.
These fraud networks cause extremely large losses, and the study found that these losses are far greater when the outside audit firm has aided the fraud.
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.