From the course: Accounting Foundations: Internal Controls
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External auditors
From the course: Accounting Foundations: Internal Controls
External auditors
- One of the greatest safeguards in the financial reporting system in the United States is the requirement that publicly traded firms have external audits of their financial statements and of their internal controls. External auditors examine an organization's financial statements to determine if those statements are prepared and presented in accordance with generally accepted accounting principles referred to as GAAP and are free from material or significant misstatement. External auditors also issue opinions about the reliability of an organization's internal controls. External audits are performed by certified public accounting firms, CPA firms. You can think of a CPA firm as a group of freelance accountants and other professionals who do consulting projects and audits for many different companies. In the United States, CPA audits are required by the Securities and Exchange Commission and by the major stock exchanges…
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