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What You Tell the Audit Committee About Auditors

Matt Kelly | March 2, 2015

Compliance professionals under the age of 30 might not believe this, but once upon a time a company’s audit committee was primarily responsible for—get this—the annual company audit.

Today, of course, the audit committee is also responsible for risk management, regulatory compliance, internal investigations, cybersecurity, and pretty much anything else that goes wrong at a large organization. Yet we do have some fresh news on the audit committee’s most primordial duty: selecting and overseeing the company’s external audit firm.

For the last several weeks Compliance Week has surveyed senior audit and compliance executives about what discussions you have with your audit committees about the external audit firm, and what information the audit committee wants to know about the audit firm before signing an engagement contract. We have more than 100 responses now, from a variety of large-cap and mid-cap companies.

So let’s do a gap analysis of what compliance and...

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