Auditor Evaluation Tool for Audit Committees Launched
A number of organizations have joined forces to launch a new assessment tool - Audit Committee Annual Evaluation of the External Auditor - to assist audit committees in performing an annual evaluation of the external auditor in order to make an informed recommendation to the respective board of directors whether to retain the auditor.
Audit committees play a critical role in the governance of public companies and registered investment companies and in the integrity of financial reporting. They are broadly charged with overseeing a company's financial reporting process and controls, and to hire, assess, and oversee the work of the external auditor - holding themselves and the auditor to the highest standards of independence, objectivity, and skepticism.
- Services and sufficiency of resources provided by the auditor;
- Communication and interaction with the auditor; and
- Independence, objectivity, and professional skepticism for the auditor.
- Association of Audit Committee Members, Inc. (AACMI)
- Center for Audit Quality (CAQ)
- Corporate Board Member, an NYSE Euronext Company
- Independent Directors Council (IDC)
- Mutual Fund Directors Forum (MFDF)
- National Association of Corporate Directors (NACD)
- Tapestry Networks
- CAQ Issues Practice Aid and Announces Webcast
- CAQ's New Report on the Evolving Role of the Public Company Auditor
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.