Rules of Engagement: Dealing With External Auditors
Banks’ financial statements tell their performance story to the outside world. Because the banks’ independent external auditor’s reports provide assurance about the quality of the information in the financial statements, the audit committee’s relationship with the bank’s external, independent auditor is very important. The auditor/audit committee relationship is key to the committee’s ability to monitor financial reporting risk, to oversee management of regulatory compliance risk, and to perform the committee’s other oversight and monitoring functions. Your audit committee’s management of this relationship is critical to the discharge of your obligations under most committee charters. Because the external auditor’s product is...
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