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CAQ, Others Issue Update to Auditor Assessment Tool

Compliance Week (April 19, Whitehouse) confirms that the Audit Committee Collaboration and the Center for Audit Quality (CAQ) have updated their "external auditor assessment tool" to better help audit committees appoint, oversee, and set compensation for their external auditors. The collaborative group that produced the tool includes the National Association of Corporate Directors. "The tool provides audit committees with sample questions to ask around the quality of services and adequacy of resources provided by the external auditor, the quality of communication and interaction with the auditor, and the auditor's independence, objectivity, and professional skepticism," states the publication. The new update addresses changes in accounting and auditing standards and their associated risks.

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