Review:
External Audit
overall review score: 4
⭐⭐⭐⭐
score is between 0 and 5
An external audit is an independent examination of an organization's financial records, compliance procedures, and internal controls by a third-party auditor.
Key Features
- Independence
- Financial records review
- Compliance assessment
- Internal controls evaluation
Pros
- Provides unbiased assessment of financial health and compliance
- Can uncover errors or fraud that may have been missed internally
- Enhances credibility with stakeholders
Cons
- Can be costly for organizations
- May disrupt normal operations during the audit process