external audit

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Related to financial audit: operational audit

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 ?
Financial audits (INL resources): will include the following:
Through our financial audit work we audit the accounts of all government departments and a wide range of other public sector bodies.
The financial audit team followed the applicable AICPA peer review standards as well as government auditing standards.
AverQ's Integrated Financial Audit Management solution brings together, for the first time, corporations and the audit firms in an on-demand setting.
In the end, the Civil Service Bureau submits reports to the Cabinet and the Financial Audit Bureau submits its reports to His Majesty - this eliminates any clash in the purpose and thus eliminates any clash in implementation.
It has been almost 20 years since the Congress passed the CFO Act, but the Federal Government still can't sustain any audit opinion on the government-wide financial statements because it cannot report itself ready for financial audit.
com) has completed 2004, 2005 Financial Audits and is in the process of completing audited financials for year-end 2006 and a current year-to-date 2007 review and a subsequent audit of those financials.
Contract notice: Financial Audit Services on behalf of the Northern Ireland Audit Office 2015-16- BSO.
The operation of a lucrative lot at Pershing Square downtown will factor into a financial audit of the Department of Recreation and Parks that Chick plans to release today.
General Accounting Office (GAO) and the President's Council on Integrity and Efficiency (PCIE) issued the GAO/PCIE Financial Audit Manual (FAM).
Keller started his career with Ernst & Young, LLP in Chicago where he became a manager in the financial audit group.

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