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Oversight of the External Auditor – Guidance for Audit Committees publication provides an overview of activities that Audit Committees should perform to assist them in overseeing and assessing the effectiveness of the external auditor. The
Annual Assessment of the External Auditor – Tool for Audit Committees is a companion publication and annual assessment tool intended to be used to assess three key factors of audit quality: independence, objectivity and professional scepticism; quality of the engagement team; and quality of communications and interactions with the external auditor. The
Periodic Comprehensive Review of the External Auditor – Tool for Audit Committees publication and tool may be used by Audit Committees in conducting, at least every five years as recommended by the EAQ initiative, a deeper and broader assessment of its external auditors. Guidance on the preparation and content of the Audit Committees’ public report on the comprehensive review is also provided.
All of the above-noted publications can be accessed on the CPA Canada website or by clicking
For more information on the financial reporting library, contact a local MNP Assurance Professional, or Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of June 3, 2014. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2014. All rights reserved.
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