Trigger rewrite based on https://twitter.com/vongillern/status/735908622677475328 Approximately correct, actual correctness left to the implementer

twitter_735908622677475328.sql

-- Really, what you want is probably something like
INSERT INTO
    MeterAudit
(
    MeterAuditId, MeterId, PreviousAuditId /*...*/
)
-- Find the last/most recent entry in MeterAudit for all the things we just changed
SELECT
    NEWID() AS MeterAuditId, I.MeterId, MA.PreviousAuditId /*...*/
FROM
    Inserted AS I
    -- LEFT because they might not have had an entry before
    LEFT OUTER JOIN
        MeterAudit MA
        ON MA.MeterId = I.MeterId
        -- Correlated subquery to find the most recent audit date
        AND MA.AuditDate = 
        (
            SELECT 
                MAX(MAI.AuditDate)
            FROM
                dbo.MeterAudit AS MAI
            WHERE
                MA.MeterId = I.MeterId
        )
;