Annual assessment of the external auditor: Tool for audit committees

When an audit committee is not conducting a comprehensive review of the external auditor, it’s still important to conduct an annual assessment. Our helpful tool identifies three factors your audit committees should consider and assess.

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The Enhancing Audit Quality (EAQ) initiative recommended that audit committees should conduct a comprehensive review of external auditors at least every five years. But what needs to happen during an annual assessment in the in-between years?

Annual Assessment of the External Auditor — Tool for Audit Committees identifies three audit quality areas your audit committees should consider and assess:

  • independence, objectivity and professional skepticism
  • quality of the engagement team
  • quality of the communications and interactions with the external auditor

This tool is also available in Microsoft Word format.

You will learn a step-by-step approach for using our tool, including:

  • determining the scope, timing and process for the annual assessment
  • obtaining input from key personnel
  • assessing areas for audit committees to consider
  • concluding on the annual assessment and communicating results to the board

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