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 ?
In essence, the same considerations made when assigning work to their own external audit personnel should be extended to internal audit staff members as well.
This new, external audit section would review the company's trace-ability capability and go much further than the current in-house management reviews.
However, to meet the 2005 audit requirement, it may be able to substitute annual internal audit reviews for external audits.
27 percent of its revenue in external audit fees, while a median private company pays 0.
This finding did not support the SEC's outsourcing rule that restricts companies from outsourcing more than 40 percent of the internal audit function to their own external audit firm.
Masterson served as the engagement partner or concurring partner for all BAS related services in the areas of Sarbanes-Oxley compliance, internal audit, information technology, process improvement, and external audit support.
The subject of the contract is to carry out the external audit of the project.
Regulators want assurance that financial institutions have met statutory and regulatory requirements for external audit and audit committee activities.
Despite that difficulty, we must be watchful because a lack of objectivity can compromise the external audit as a useful tool for enhancing banking safety and soundness.
SoftTree business partners like ProfitKey International bundle DB Audit Expert with their products to provide a cost-effective solution for clients to meet internal and external audit standards such as Sarbanes-Oxley, GLBA, HIPAA, BASEL II and The USA Patriot Act.
Contract awarded for external audit services for the period 2015
This could be helpful in identifying work on which external audit can rely.

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