Business Terms and Jargon Explained
What is External Auditor
This is an independent accounts professional who goes into a company to independently give an opinion on the financial position of the business. It is important that this person is independent as the figure are to be used by others outside the company .e.g., banks, tax man, shareholders.
They look at the accounts system and procedures and check that it is correct and used correctly. They used standard method to determine if the figures are correct and that the overall financial statements are a true and fair statement of the business financial position.
A company’s size is one of the factors used by companies Act to determine if a company must have its financial statement certify by an external auditor.
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Term created / updated 2006-05-14 00:22:52
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