Phase I Audit Financial Glossary

What is it? The most common form of environmental liability risk assessment. A phase I audit consists of a thorough review of the past and present ownership of the property as well as the past and present uses of the property. These reviews include examinations of public records regarding the property. Additional information is obtained from both a physical inspection of the property and from interviews with people who are familiar with the property. The goal of a phase I audit is to determine the presence or the likely presence of hazardous substances in the buildings, soil or ground water. Phase I audits are noninvasive and do not include the collection or analysis of samples. Accordingly, the findings of a phase I audit cannot be conclusive. The audit merely determines whether further investigations are needed.

Finance Term Definition Added By: Carson

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