External Auditor Assessment Tool: A Tool for Audit Committees

Audit committees oversee the integrity of a company’s financial statements and hire, compensate, and oversee the external auditor. Taking the assessment questionnaire included in this tool can be used by audit committees to inform their evaluation of the external auditor, and lead to enhanced oversight by the audit committee.

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Discover how audit committee members can enhance their ability to perform oversight of external auditors by performing the assessment in this tool, and also further explore:

Firm-level audit quality considerations related to:

  • Leadership
  • Culture
  • Engagement team management
  • Audit engagement performance
  • Monitoring
  • And more

Sample questions to help audit committees on four specific areas:

  • quality of services and sufficiency of resources provided by the engagement team;
  • quality of services and sufficiency of resources provided by the audit firm;
  • communication and interaction with the external auditor; and
  • auditor independence, objectivity, and professional skepticism.

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Consider these other resources when evaluating your external auditor

Guide to PCAOB Inspections

The Role of Auditors in Company-Prepared ESG Information:

A Deeper Dive on Assurance