LATEST UPDATE

External Auditor Assessment Tool: A Tool for Audit Committees

The Centre for Audit Quality (CAQ) issued a targeted assessment tool that audit committees can use to evaluate whether to retain the external auditor.

The questionnaire focuses on four key areas: service quality and resources, communication effectiveness, and the auditor’s independence and objectivity. Constructive, two-way dialogue with the auditor strengthens audit quality and committee oversight.

The evaluation should cover the auditor’s qualifications, firm-wide quality practices, transparency, and professional scepticism.

The tool is available on:

https://www.thecaq.org/external-auditor-assessment-tool-a-tool-for-audit-committees/