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An External Audit serves as an impartial independent assessment to confirm that the financial statements accurately represent the company's financial situation and have been correctly prepared in compliance with accounting rules.  An independent assessment also offers better transparency to the shareholders by highlighting important areas, which not only raises the value and reliability of the financials supplied by management but also increases user confidence and reduces investor risk.

Following the auditor's appointment, the top management of the company may meet with the auditor. A set of documents required for the audit may be requested by the auditor. The auditor will be able to make a reasonable assumption as to how long the audit will take after studying the papers and meeting with management. If there are any inquiries, the auditor could also want to interact with those directly associated with certain processes. Keep all financial records close to hand so that you may show them to the auditor if they have any questions. An auditor might ask inquiries about transactions, and if necessary, the answers will need to be supported by documentation.