ASIC has updated its Information Sheet on Audit quality – The role of directors and audit committees (INFO 196).
The Information Sheet includes a new section titled ‘What features of audit committees support audit quality?’.
It also covers the following issues:
- why audit quality is important
- the auditor’s responsibilities
- the roles of directors and audit committees
- the directors’ responsibilities for auditor independence
- who should manage the appointment of auditors
- what matters should be considered when setting audit fees
- how directors and audit committees can promote audit quality
- possible reporting considerations for directors.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
