We encourage dialogue with others and the sharing of expertise

Set the goal of challenging auditors to better understand their work and improve the overall quality of their certification. This is one of the roles of the audit committee as outlined by the Financial Reporting Council (UK) in a January 2022 study.

This study, which gives the floor to a wide range of Audit Committee Chairs, is particularly interesting because it is qualitative. Let us focus on one of the chapters: Challenging auditors and resolving conflicts. (See at the bottom of the article the link to the study).

Exercising independent judgement and decision-making is an essential quality of a director. It is based on the knowledge of the subject, the experience in forming an opinion, and the personal qualities of the decision maker.

When organizing a trip, a guide does not decide alone on the program, the visits, and the accommodation. They consult with the clients, inform them of the “must-dos” and ensure a trouble-free trip. Could the same be said about the auditor and the audit mission?

As organizations become more complex and risk management activities multiply, assurance functions have a significant opportunity to coordinate their often-fragmented work streams, simplify reporting and streamline oversight. “We identified about 10 control functions in this company and all of them claimed there was no overlap”.