external 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.

external audit

An examination of a company's records and reports by an outside party. Also called independent audit, outside audit. Compare internal audit.
References in periodicals archive ?
Bahrain has tightened Islamic finance rules with a mandatory external audit.
Abstract The paper examines the perception of a sample of Kuwaiti external auditors about the importance of various factors that may affect external audit fees.
Establish mechanisms to institutionalize participation of citizen participation and demand- side actors in external audit process.
Supporters should wait until the external audits are completed before filing their petitions.
Coordination of internal and external audits can result in more effective audits conducted at lower overall cost.
While instances of external audits can be found a early as the 14th century in England, U.S.
The IRS has finalized external audit guidelines for qualified intermediaries (QIs) in Rev.
As CPA firms became more involved in internal audit outsourcing, independence issues arose over the propriety of performing both the internal and external audit functions for the same company.
Even if you don't have external audits, it's wise to have an accountant from outside the facility take a look at your balance sheet and operating statements every year to make sure they look the way a bank is accustomed to seeing the books of other businesses look.
TD-BCN 15-003-A: Four external audits, each an annuity of intervention for the "food security and means of life populations of Gorgol, Trarza there Brakhna" developed in Mauritania and there driven by Oxfam
Results showed that financial analysts were wary of auditor independence when the same CPA firm performed both internal and external audits, but only if there was no separation of the two audit statics.
It must be difficult to balance the public interest in maintaining independent, objective external audits with the legitimate commercial aspirations of accounting professionals.