External auditors are typically professional employees of a public accounting firm, or independent auditors from another governmental entity. FIFO method (First-In, First-Out) An inventory costing method that assigns the most recent costs to ending inventory
An External auditor is an audit professional who performs an audit on the financial statements of a company, government, individual, or any other legal entity or organization, and who is independent of the entity being audited. Users of these entity's financial information, such as investors, government agencies, and the general public, rely on the external auditor to present an unbiased and independent evaluation on such entities. They are distinguished from internal auditors for two main reasons: (1) the internal auditor's primary responsibility is appraising the entity's financial controls, practices and reporting, and (2) they work for the entity and, therefore, are not independent.