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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

external audit

An examination of a company's records and reports by an outside party. Also called independent audit, outside audit. Compare internal audit.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
To comprehend Global Financial Audit Software market dynamics in the world mainly, the worldwide Financial Audit Software market is analyzed across major global regions.
This is part of our discussions with them on how to make our financial audit easier to implement for both the MWSS-RO and the concessionaires," Rufo said in a text message.
The cessation of your operations will, among other things, ensure that the technical and financial audits are undertaken without any challenges.
The senator the requested COA to expedite the performance and financial audit of the following housing agencies:
Jribi added "we are seeing to it that no institution, including the three presidencies, remains away from any administrative or financial audit."
The financial IS audit process increasingly contributes to financial audit planning.
Our Financial Audit and Value for Money work helps save the country millions of pounds a year (more than PS1bn in 2011/12) and serves to bring about improvements in the delivery of public services.
Financial audit engagement is a service with an insurance character in which the auditor expresses his view, in form of a report, concerning the significant aspects of the financial statements compliance with reality, on the one hand the and the observance of principles, rules, criteria established in accordance with a general identified reporting financial framework, on the other hand.
However, the company has said that contractually there is no scope for a performance audit and the scrutiny should be strictly a financial audit as has been promised by the oil ministry.
Chairman of the Audit Chamber Sabyrbek Moldokulov and Chairman of the Control Chamber Levan Bezhashvili discussed the introduction and use of standards of the International Organization of Supreme Audit Institutions (INTOSAI) on financial audit and performance audit, said the report.
Can a financial audit process like that required by the Chief Financial Officers Act of 1990 (CFO Act), as amended, contribute to the efficiency of the Department of Defense (DoD)?
40 issued by the INTOSAI, in addition to, the approval of the 2nd competition for researches and studies in audit and accounting and the approval of the directories, such as, the Financial Audit Directory, the General Directory, the Oil and Gas Audit Directory and the Pre-Audit Directory.

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