An external audit provides the company shareholders/members with an independent opinion on the integrity of the information contained in a company's financial statements. High quality and reliable financial statements promote the confidence of stakeholders in our companies. Ensuring a high standard of audit quality is an important responsibility of directors and audit committees on behalf of their company shareholders/members.
Developed jointly with the Australian Auditing and Assurance Standards Board, the Periodic Comprehensive Review of the External Auditor – Guide for Audit Committees will assist directors and audit committees to take a deep dive into the independence and quality of their company audits. It provides context for issues of audit quality in Australia, and steps directors through a process of scoping, gathering inputs, engaging with the auditor, assessing the evidence and communicating the outcomes.
With the Australian Securities and Investment Commission’s (ASIC) increasingly focused on company audits, this Guide will be a useful resource for directors to sustain the quality of their company audit over time.
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