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.
They are obliged to pass external audit and publish their financial reports.
It's also a tool that multinational companies can use to standardize their general ledgers, which facilitates the internal and external audit functions because of information comparability.
Beever and Struthers has been appointed to provide external audit and corporation tax work for a minimum period of three years.
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.
In the face of increasing risks directly attributable to a food and beverage company's traceability system, company management as well as their third-party professional support organizations in the legal and accounting profession need to increase their protection and the protection for their company by voluntarily endorsing a call to the auditing companies to add a new, traceability review section to their company's external audit. This voluntary endorsement sends many messages, not the least of which is a strong message to the consuming public about the industry's desire to be proactive in the face of growing public concern.
Measuring and analyzing practices is paramount to compliance and the ability to successfully pass an external audit.
However, should the SEC continue the 404 audit requirement, the committee recommends a more cost-effective auditing standard limited to an external audit of the design and implementation of internal controls.
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.
ETR will then share that data with index providers, relevant government and oversight entities, and approved external audit firms.
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.

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