The CAQ released an updated "External Auditor Assessment Tool" aimed at assisting audit committees in conducting an effective evaluation of the company's external auditor.
The user-friendly resource includes sample questions to assist audit committees in these specific areas relevant to the evaluation:
- Quality of services and sufficiency of resources provided by the audit firm and the engagement team
- Communication and interaction with the auditor
- Auditor’s independence, objectivity, and professional skepticism
The tool also includes a sample form and rating scale for obtaining input about the outside auditor from others within the company - including management, internal audit, and other key managers, as well as relevant audit requirements and standards, and additional suggested audit committee resources.