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#456926 - 11/15/05 04:34 PM Auditor Selection
Anonymous
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The examiners want me to include in my audit policy the selection criteria that we use when selecting an audit firm. Can someone help me out and direct me to a place where I can find examples of this.

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Audit
#456927 - 11/15/05 04:51 PM Re: Auditor Selection
Jokerman Offline
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Joined: Nov 2003
Posts: 12,846
Is this for f/s audits or internal audits?

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#456928 - 11/15/05 04:52 PM Re: Auditor Selection
Anonymous
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both.

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#456929 - 11/15/05 05:57 PM Re: Auditor Selection
Jokerman Offline
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Joined: Nov 2003
Posts: 12,846
Examples? No.

But as far as criteria - I would say that your number one issue for f/s audits is going to depend on your ownership. If you are a public co. with a widely-distributed ownership, you'd want a firm with a well-known public reputation. If it is family-owned, you would be more concerned that the family knows they are competent.

For internal audit, I would say that your audit committee's comfort with the firm's competence would be your first priority.

Of course, $$$ is always an issue.

How to put that in your audit policy, I don't know, but hopefully that can get you started. Maybe some others will list ideas.

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#456930 - 11/15/05 06:14 PM Re: Auditor Selection
Anonymous
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