external audit


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ex·ter·nal au·dit

(eks-tĕr'năl aw'dit)
A verification of health care records by someone outside the organization to be sure that the health care facility is maintaining professional standards.
References in periodicals archive ?
For audited companies, after understanding how audit firms set their fees, they can make necessary managerial and professional arrangements to reduce external audit fees.
This is the latest external audit client win for the specialist not-for-profit division at Beever and Struthers, headed by partner Maria Hallows.
In the third section, the corroboration of internal audit work is addressed The fourth section discusses how internal audit work affects external audit fees, the fifth section deals with coordination of internal and external audit work, and the sixth section contains comments about communication issues.
companies were not required to perform external audits or file external audit results prior to the stock market crash of 1929 and the resulting Great Depression.
Measuring and analyzing practices is paramount to compliance and the ability to successfully pass an external audit.
The best thing about Sarbanes-Oxley is that it's provided a language of control that business, finance, IT and internal and external audit all agree upon.
Supervisory guidance is also provided on the independence of accountants, especially those who provide both internal and external audit services to institutions.
However, if such an institution decides to use the same firm for both internal and external audit work, the audit committee should document both that it has pre-approved the internal audit outsourcing to its external auditor and has considered the independence issues associated with this arrangement.
The IRS has finalized external audit guidelines for qualified intermediaries (QIs) in Rev.
AIB yesterday confirmed that its external audit was being put out to tender - as a direct consequence of changes authorised after the muti-million euro fraud losses at its American subsidiary.
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.
However, recent developments in the internal audit profession, which place greater emphasis on value-adding activities such as strategic planning and risk management, suggest internal audit may substitute for external audit in providing assurance on information for decision makers.

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