An outbound link is a link from your page to another website. A link audit is a check of those links on one day. The trouble is that the destinations keep changing after the audit, without anyone editing your pages.
This guide shows you how to turn a one-off check into a routine: a baseline list, a written record of each decision, a re-check schedule and honest sitemap dates. Google gives no frequency for checking links, so the schedule here is your own judgement, not a Google rule.