Business and Personal Finance Dictionary

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• PHASE II AUDIT
  
  An environmental liability risk assessment. A phase II audit is usually conducted only when the phase I audit or other information about the property or about the activities conducted on the property indicate that there is a possibility of contamination. In the phase II audit, qualified individuals collect ground and water samples, test storage tanks, and/or collect building materials samples. Drilling may be conducted to obtain subsurface soil samples. Samples are then tested and analyzed.
  
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