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ARTICLE · 01 APRIL 2016

Tools For Audit Committees – Assessing The External Auditor

Collins Barrow National Incorporated
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In recent years, an increased emphasis has been placed on the quality, accuracy and transparency of the financial information an entity provides to equity holders, lenders, regulators, analysts and other users of this information.

CanadaAccounting and Audit
Kirk Roworth
Kirk Roworth
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In recent years, an increased emphasis has been placed on the quality, accuracy and transparency of the financial information an entity provides to equity holders, lenders, regulators, analysts and other users of this information. This has also put increased pressure on audit committees to ensure that this goal is met.

Responsibilities of the audit committee

For Canada's publically listed entities, the responsibilities of the audit committee when it comes to financial reporting are outlined in National Instrument 52-110 "Audit Committees" of the Canadian Securities Regulators ("NI 52-110"). It states that an audit committee, among other things, must perform the following tasks as they relate to the external auditor:

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