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This question is about employer.
What is an external audit?
An external audit is conducted by a third party to prove the accuracy of a company's financial statements. This is often required by investors and lenders to verify the financial position of a company.
Unlike internal audits conducted by a company, an external audit must be conducted by a CPA appointed by shareholder vote. The results are used by shareholders rather than management to guide their decision-making.
The efforts of an external audit focus exclusively on financial records, while other types of audits may focus on business practices and risks that may enhance or jeopardize a company's position.
External audits are conducted annually and serve as a validation of the financials submitted by the company to its shareholders throughout the year. If there is a discrepancy between the findings of the external audit and the company's financial records, the company shareholders then decide how to move forward.
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