Välisaudiitori

Välisaudiitori is a term used in Estonian-language contexts to denote an external auditor—a professional who is independent of the entity being audited and engaged to examine financial statements and related disclosures. The external auditor's primary objective is to provide reasonable assurance that the financial statements are free of material misstatement, whether due to fraud or error, and to assess whether they present fairly, in all material respects, the financial position, performance and cash flows in accordance with the applicable financial reporting framework (for example IFRS or local GAAP).

External auditors are typically appointed by shareholders or the audit committee for a specific period and must maintain independence from management and those charged with governance. Their work includes planning, assessing risks, testing internal controls, gathering sufficient audit evidence, and forming a written opinion that is included in the audit report. They communicate findings to those charged with governance and may issue management letters with recommendations.

Auditors follow professional standards such as the International Standards on Auditing (ISA) and ethical requirements. They may be subject to national licensing and supervision by a regulatory authority in their jurisdiction. The audit report can be unqualified (clean), qualified, adverse or a disclaimer, depending on whether the statements are presented fairly and whether the scope was adequate.

External audits complement internal audit functions, which are designed to provide management with assurance on internal controls and processes. The external auditor's findings can influence governance, risk management, and financial reporting improvements. Critics note that audits are not perfect guarantees and can be affected by scope limitations, management bias, or complex transactions; ongoing evolution of standards aims to improve risk coverage and transparency.