[1] To act as an auditor, a person should be certified by the regulatory authority of accounting and auditing or possess certain specified qualifications.
Generally, to act as an external auditor of the company, a person should have a certificate of practice from the regulatory authority.
For publicly traded companies, external auditors may also be required to express an opinion over the effectiveness of internal controls over financial reporting.
External auditors may also be engaged to perform other agreed-upon procedures, related or unrelated to financial statements.
It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes".