external control

external control
1. Aspects of *corporate governance related to the controls exercised by *stakeholders over their interests in an organization. Elements of external control include (i) the preparation of published *financial statements, (ii) the *external auditing of financial statements, and (iii) other mechanisms of *accountability for *boards of directors. 2. The monitoring of *internal controls in a *vendor or other outside organization. For example, some retail corporations seek to ensure the achievement of their objectives by monitoring the activities and internal controls of their major vendors.

Auditor's dictionary. 2014.

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