The Center for Audit Quality (CAQ) has published a new report summarizing it’s discussions with audit committees about key audit quality indicators. Here is a link to the announcement which also contains a link to the report: CLICK HERE

And here is a snapshot of a relevant part of the announcement (you can also see the entire wording by clicking the above link):

Keep in mind, however, that the PCAOB also is working on these issues, i.e., key indicators for audit committee or board evaluations of the external auditor, and audit committees already are required by law to oversee the hiring and performance of the external auditor. In my opinion if the PCAOB does issue new rules or materials on these issues, those new rules or materials will generate more audit committee and board oversight or activity than the CAQ materials. Nevertheless, the CAQ materials and discussions are helpful. Thus, here is a link to materials that the CAQ has already issued to help audit committees evaluate the external auditor: The CAQ Auditor Assessment Tool

And here is a link to Tate’s Excellent Audit Committee Guide (updated January 3, 2016), click on the following link, http://wp.me/p75iWX-q

Enjoy.
Dave Tate, Esq. and CPA licensed in California (inactive), San Francisco/California