Members want an open, trusting relationship and a way to sustain that trust and candor over time. Accounting firms also want a good relationship, but want to be sure they can fulfill their statutory obligation to maintain independence. Audit committee chairs face a growing number of challenges in their relationship with the external auditor, but they are also armed with experience, tools, and data to help them along. Through strong relationships, collaborative activities, and an understanding of common goals, the audit committee can derive maximum value from the audit and the external auditor.
Read the full paper, published by Tapestry Networks and Ernst & Young.