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 ?
Among those outside directors and audit and supervisory members, we have members with a wide range of backgrounds such as a former chairman of a bank, a business executive of a private company, and a business management consultant as outside directors, and a business executive with a certified public accountant qualification and a lawyer as outside audit and supervisory members.
Commissioners debated contracting with an outside audit firm as recently as last year, but held off amid disagreements over what an auditor should do.
This is awarded only to organizations that have undergone an outside audit that proves they have established internal controls that meet PRISM's control objectives that promote information privacy.
''Until we get an outside audit we are not going to know what the heck is going on.''
A German bishop who was criticized by his priests and laity for an extravagant lifestyle and authoritarian leadership has apologized for "misjudgments" and agreed to an outside audit of his diocese's financial records.
Replying to another question, he said "the Cypriot government agreed to accept an outside audit of its banking sector to ensure it complies with international money laundering standards as a condition to receiving its long-delayed bailout".
Speaking ahead of Monday's gathering of eurozone finance ministers, Michalis Sarris told journalists he was determined to agree a long-term bailout for Cyprus this month, broadly in-line with the demands of international lenders.But he drew the line at forcing losses on uninsured bank depositors and is resisting the detailed terms of other potential bailout conditions, including the execution of a sweeping privatisation programme and an outside audit on money laundering.
When Zurek recalled the spokesperson for Priests for Life to his home diocese in September 2011, the bishop cited concerns about PFL's finances, which, according to an outside audit posted on the organization's website, reflected a $1.4 million revenue shortfall at the end of 2010.
Public companies saw the fees they paid to their outside audit firms rise 5% last year, to an average of $3.9 million, according to an annual survey conducted by Financial Executives Research Foundation.
A senior euro zone source said an outside audit of the health of Spanish banks was key to reassuring investors that the difficult situation of the banks would not push Spain into seeking an Irish-style bailout.
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.