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.
Terms that appear alongside external 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.
- audit 11 shared controls
- internal audit 7 shared controls
- compliance 7 shared controls
- policy 4 shared controls
- governance 4 shared controls
- certification 3 shared controls
- integrity 3 shared controls
- risk management framework 3 shared controls
Frameworks that govern external audit
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 →The number of findings from external audits touching the workforce, by type and source, and the actions taken in response.
iso-30414-2018-human-resource-management-guidelines-for-internal-and-external-human-capital-reporting::4.7.2.M5 · Number, type and source of external audit findings and actions arising from these →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?
Why is External Audit important for compliance?
Which compliance frameworks address External Audit?
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See how External Audit applies across compliance frameworks
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