ACCA SBL Syllabus F. Organisational Control And Audit - Audit Committee and External Audit - Notes ^{7 / 8}

Audit committee must oversee the relationship between external auditors and the company

Key roles

So the role is to OVERSEE the external audit relationship, I want you to therefore visualise windscreen wipers when you think of audit committee and external audit. 

Visualise the committee as windscreen wipers - helping the external auditors to see things more clearly.

This will help you understand their key role in this respect:

• W ork plan of auditors is reviewed

• I independence is maintained

• P rep are for the audit

• E engagement terms approved

• R ecommend and review audits and their work

• S election process involvement