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