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Glossary / Also known as

External audit

Another name for Financial Audit.

Other names
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What does external audit mean?

External audit is another name for Financial Audit. An independent examination of a company's financial statements to provide assurance on their accuracy and true and fair view.

The two names mean the same thing. You will see "external audit" in some ledgers, reports and contracts and "Financial Audit" in others. The full entry covers how it works, with examples.

Read the full definition of Financial Audit

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From the glossary

Related terms.

Audit and controls Financial Audit An independent examination of a company's financial statements to provide assurance on their accuracy and true and fair view. Also called statutory audit, audit of financial statements, external audit Audit and controls Compliance Audit A systematic examination to verify that an organization adheres to applicable laws, regulations, and internal policies. Also called regulatory audit, compliance review Audit and controls Internal Audit An independent assessment function within an organization that evaluates and improves the effectiveness of risk management, controls, and governance. Also called internal audit function, management audit Company law and governance Companies Act, 2013 The primary legislation governing the incorporation, management, and dissolution of companies in India. Also called Companies Act 2013, the Companies Act Audit and controls Audit Trail A chronological, tamper-evident record of system activities, transactions, and data changes for accountability and compliance. Also called audit log, edit log, audit history Company law and governance Corporate Governance The system of rules, practices, and processes by which a company is directed and controlled for the benefit of all stakeholders. Also called governance framework, board governance
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