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External Auditor as a “Friend” of the Audit Client: How to Turn Audit Costs into a Useful Investment? 2014 http://ezaposleni.singidunum.ac.rs/rest/sciNaucniRezultati/oai/record/1/2659 http://finiz.singidunum.ac.rs/portal/issue/2014/external-audit/ K. Vićentijević D. Stefanović External audit is legally required for a certain number of business entities. It is not free – it is paid by the business entity, and the results of the external audit are generally used by external users of accounting information. However, by setting the proper relationship between the external auditor and the audit client, the latter can achieve great number of benefits: in the first place in order to increase the quality of financial reporting. In addition, the external auditor is bound by audit regulations to inform persons responsible for the management about his/her views in relation to the relevant accounting practices of the audit client, and to inform persons responsible for the organization as well as the management of the audit client about the observed deficiencies in internal controls. conferenceObject 37 39 10.15308/finiz-2014-37-39 Book of Proceedings, Singidunum University International Scientific Conference: Financial Reporting Function of the Corporate Governance