This study explains the voluntary discretionary accruals from an external financing perspective and role of monitoring auditor in companies with different investment opportunities. In this research, the data of 320 companies during the years 2014-2024 has been analyzed using Eviews econometric software. Using the middle of 4 methods ratio of the sum of Market value of Equity and book value of Long-term Debt to Total Assets (MEQLDTA), Market to Book Value (MB), ratio of Gross property, Plant and Equipment to the sum of Market value of Equity and Book value of Long-term Debt of the firm (EQGMEQLD) and ratio of Growth property, Plant and Equipment (Growth PPE), the statistical population was classified into two groups of companies with high and low investment opportunities.