Legal Definitions - double audit

A double audit is when two independent auditors perform an audit of the same subject separately. An audit is a formal examination of an individual's or organization's accounting records, financial situation, or compliance with some other set of standards.

For example, a company may hire two different auditing firms to perform a double audit of their financial statements. This helps to ensure that the financial statements are accurate and reliable, as any discrepancies or errors will be caught by both auditors.

Another example of a double audit is when two different regulatory agencies conduct an audit of the same organization to assess compliance with laws and regulations. This helps to ensure that the organization is following all necessary rules and regulations.

Overall, a double audit provides an extra layer of assurance and helps to increase the accuracy and reliability of the audit results.