Audit committees have to assess the effectiveness of external audit. For most this has meant asking the finance director how it has gone. This approach worked pretty well when no-one was taking any notice but things have changed. Audit committees now have to give much fuller reports of what they’ve actually done. And the big investment houses are showing increasing signs of interest in the audit committee report.
We carry out independent external reviewsof the effectiveness of the external audit process. Our qualitative approach complements the more procedural look at quality taken by the audit firms and their regulators.
Advice to the audit committee
…on whether it’s in shareholders’ interests to reappoint or time for a change.
Advice to management
…on how to make itself a better client so the audit runs better.
Advice to the audit firm
…on how to improve their service quality and respond to any expectation gaps.
Support for self-assessment
…to help you ask the right questions and monitor progress
The combination of our expert advisers with our online self-assessment service Thinking Board provides a cost-effective solution for every size and shape, from smallish domestic companies to huge multinationals. Use it for the initial review or monitoring progress.
Our clients tell us that not only do they have a better story for the audit committee to tell in the annual report, but also that the relationship with their auditors has been strengthened.
And our review will set a benchmark that will help you clarify the requirements for your tender. Or to assess how far any issues have been addressed over time.
We also provide independent, expert external audit tender support to help you understand what to look at, how the bids differ and what’s really being said.
We don’t do audits
But we understand them so we’re in the possibly unique position of being experts without having axes to grind or audit services to sell.
We know how audits work
Having been on the “auditor” side we know how they’re planned and executed, and what makes audits work well and not so well.
We see audits from your side too
We work with lots of audit committees and see how audits work elsewhere. We understand what is needed and the practical realities.
We’ve worked on tenders
So we know what to look out for in the proposals – and what to do to help it run smoothly for both sides.