June 2, 2015

External Auditor Assessment Tool: A Reference for U.S. Audit Committees

The External Auditor Assessment Tool is designed to assist audit committees, or their counterparts, in how to evaluate the external auditor and select or recommend the retention of the audit firm. This Tool includes sample questions to inform the evaluation of the quality of services and sufficiency of resources provided by the auditor; the communication and interaction with the auditor; and auditor independence, objectivity, and professional skepticism. The Tool includes relevant U.S. requirements and standards, such as a list of prohibited non-audit services and an overview of auditor communication requirements with audit committees.