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External Audit

What is External Audit?

An independent examination of an organisation's controls, processes, or financial statements conducted by a party outside the organisation. External audits provide objective assurance to stakeholders and regulators.

Audit

Each of these is named in at least one of the same controls as external audit. The number is how many controls name both.

What the standards actually require on external audit

Requirements naming external audit across 6 standards, quoted from the control text.

The Board must ensure adequate governance and oversight of the external audit process.

iais-insurance-core-principles-icps::7.8 · 7.8 Governance and oversight of the external audit →

Where the AUSTRAC CEO has reasonable grounds to suspect a reporting entity is not appropriately managing its ML, TF and proliferation financing risks (s 161) or has contravened, is contravening or proposes to contravene the Act, regulations or Rules (s 162), t...

amlctf-act-2006-australia::161-162 · Comply with AUSTRAC-required external audits →

The RSE licensee must implement satisfactory internal audit procedures and external audit arrangements to ensure compliance with the risk management framework and to allow it to attest that its risk management and internal control systems are operating effecti...

SPS220-48 · Internal and External Audit Arrangements →

The bank and banking group keep adequate and reliable records, prepare financial statements under internationally accepted accounting policies and practices supported by recordkeeping systems that produce reliable data, and annually publish statements that fai...

basel-core-principles-for-effective-banking-supervision-2024::P27 · Principle 27: financial reporting and external audit →

Consider external audit or review of the fraud control system by external auditors, certification or attestation bodies, regulators or specialist fraud examiners as an independent source of assurance to the governing body, top management and interested parties...

iso-37003-2025::9.3 · External audit →

Questions people ask about external audit

What is External Audit?
An independent examination of an organisation's controls, processes, or financial statements conducted by a party outside the organisation. External audits provide objective assurance to stakeholders and regulators.
Why is External Audit important for compliance?
External Audit is a key concept in Audit. Understanding external audit helps organizations meet regulatory requirements, reduce risk, and demonstrate due diligence during audits. Our compliance platform maps 1,016 frameworks with 316K cross-framework control mappings.
Which compliance frameworks address External Audit?
External Audit appears in the requirement text of IAIS Insurance Core Principles (ICPs), AML/CTF Act 2006 (Australia), APRA SPS 220 Risk Management (Superannuation), Basel Core Principles for Effective Banking Supervision (2024), ISO 30414:2018 - Human Resource Management: Guidelines for Internal and External Human Capital Reporting. Across these standards we have identified 7 controls that name it directly, each linked to the control text on the compliance platform.
Where can I learn more about External Audit?
Explore our compliance framework pages to see how external audit applies across different standards and regulations. Our implementation guides provide step-by-step guidance, and the compliance platform offers AI-powered analysis of how this concept maps across 1,016 frameworks.

See how External Audit applies across compliance frameworks

Our platform maps 1,016 frameworks with 316K cross-framework control mappings. Explore how this concept is addressed across standards.

Written and maintained by Gerard Blokdyk, The Art of Service.