The study, which uses the Centennial Bank Kalungu branch as a case study, examines the effects of external auditing on credit intermediaries. The case study approach was selected to offer a thorough analysis of the centenary bank auditing process. The stratified sampling methodology, census, and the purposeful sampling method were all used to choose respondents from each sample unit. Inspection, a review of existing literature, and an interview with the aid of a checklist that had undergone a pilot test were used to gather research data. To create descriptive statistics, the acquired data was compiled, coded, and statistically analysed. The results were then displayed as tables, rates, proportions, graphs, and charts. In order to assess whether external auditors conduct themselves ethically and competently when examining financial institutions, it set out to ascertain the characteristics of independent assessment to effective external audit in credit intermediaries. Results showed how crucial an external auditor is to ensure that the Centennial Bank follows all rules and regulations pertaining to financial reporting. It was also proven that external auditors do not completely work with them; they among other things postpone submitting financial statements and other necessary support. The investigator advises more research into the reasons for the differences between Centenary Bank's internal and external auditors, as well as the effects of these conflicts on the accuracy of published accounting results. It is advised to conduct more research to determine how managers see independent auditors.