How Audit Committees & Independent Auditors Work Together

Our guests – Primerica’s Stacey Geer and Gunster’s Bob Lamm – get into the nitty gritty of how the audit committee and independent auditor work together. The practical in-house stuff, including:

1. Who from the independent auditor typically attends an audit committee meeting? Who besides the lead partner?
2. Are there any audit committee meetings that independent auditors don’t make an appearance?
3. How often do audit committees meet in executive session with the audit committee?
4. Is there any best way to structure the audit committee meeting to have the best “flow”? Have the auditor show up near the beginning, middle or end of a meeting?
5. Can you talk about the PCAOB’s Auditing Standard #16 and what auditors must communicate to an audit committee before they issue their audit report?
6. What topics get discussed the most? Critical accounting estimates? Weaknesses in internal audit? CAMs?
7. How are audit fees, the annual engagement, discussed?
8. How hard is it to make changes to your auditor’s engagement letter?
9. In how much detail do the audit committee minutes cover the discussions with the auditors?
10. What is a better word – “robust” or “food”?

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