Updated tool for U.S. audit committees also released
Washington, DC – The Audit Committee Collaboration today released the External Auditor Assessment Tool: A Reference for Audit Committees Worldwide, a resource that can be used by audit committees or those charged with governance around the globe.
The Tool is designed to assist audit committees in evaluating the external auditor to assess the quality of the audit, or to select or recommend the retention of the audit firm.
Although comprehensive, the Tool avoids a "one size fits all" approach; it is instead a focused yet scalable resource that encourages proactive efforts by audit committees. For example, the Tool contains 18 sets of sample questions that the audit committee, or its counterpart, could consider asking to gauge the quality of:
The Tool also includes a sample form and rating scale for obtaining input from company personnel about the external auditor, and resources for additional reading that can benefit audit committees and others charged with corporate governance. The updated U.S. version of the External Auditor Assessment Tool, also published today, contains a detailed appendix that highlights relevant U.S. requirements and standards.
Members of the Audit Committee Collaboration include the Association of Audit Committee Members, Inc. (AACMI), Center for Audit Quality (CAQ), Independent Directors Council (IDC), National Association of Corporate Directors (NACD), NYSE Governance Services, and Tapestry Networks.
These organizations share a strong commitment to enhance the effectiveness of audit committees through education and other types of support. The assessment tools and other resources from the Collaboration can be found at http://auditcommitteecollaboration.org/resources.html.