What your audit committee needs to know in order to choose and oversee an independent auditor. Doing it right can keep you out of court
With each new fraud and "audit failure" divulged in the financial press, more pointed questions are being raised about audit quality. What is it? How do you define and measure it? And, how can audit committees obtain a better understanding of an audit firm's quality? While "audit quality" is a key concept supporting the reliability of financial reporting, this concept is neither well defined nor well understood.
