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https://www.sec.gov/info/accountants/audit042707.htm
May 12, 2017 · The Sarbanes-Oxley Act of 2002 mandates that audit committees be directly responsible for the oversight of the engagement of the company's independent auditor, and the Securities and Exchange Commission (the Commission) rules are designed to ensure that auditors are independent of their audit clients.
https://www.sec.gov/news/public-statement/statement-role-audit-committees-financial-reporting
Dec 30, 2019 · The audit committee plays a critical role in auditors’ compliance with the auditor independence rules, in part because the Sarbanes-Oxley Act mandates that audit committees be directly responsible for the oversight of the engagement of the company’s independent auditor. We encourage audit committees to consider periodically the sufficiency of the auditor’s and the issuer’s …
https://www.thompsonhine.com/publications/auditor-independence-role-of-audit-committee
Oct 25, 2015 · Audit committees must be able to spot independence issues as early as possible in order to avoid impairment. To do that, the audit committee must have a complete understanding of the services their auditor has provided and is providing, and a general understanding of the independence rules and the concerns that those rules seek to address.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1031075
Nov 19, 2007 · Audit committees are mandatory internal control mechanism required in all listed firms to ensure effective enforcement of good corporate governance. The results indicate that auditor independence is positively associated with audit committee meetings, audit committee report in the annual report, roles to approve and review audit fees, and composition of audit board.Cited by: 7
https://deloitte.wsj.com/riskandcompliance/2018/11/20/overseeing-internal-audit-the-role-of-the-audit-committee/
Nov 20, 2018 · Audit committees should see that internal auditors have not only appropriate independence but also stature in the organization, and are visibly supported by senior management. The internal audit...
https://www.sciencedirect.com/science/article/pii/S0278425409000362
To examine the relation between audit committee independence and auditor dismissals, we use the data set from Carcello and Neal (2003) which consists of all firms that received a new going-concern report from a Big 6 audit firm during the period 1988–1999 and that dismissed their auditor prior to the issuance of the firm’s next annual ...Cited by: 152
https://www.iia.org.uk/resources/delivering-internal-audit/position-paper-independence-and-objectivity/
Oct 11, 2019 · In short, independence and objectivity means that internal auditors and the internal audit activity have, and maintain, the ability to make unbiased judgement and decisions based on the audit activities and facts and that they are free from any internal or external interference or obstruction with functional accountability being to the board, either directly or through an audit committee.
https://pwc.com/gx/en/audit-services/publications/assets/pwc-the-role-of-ac-in-overseeing-external-auditor-and-audit.pdf
The benefits are that the audit committee would be able to: More clearly demonstrate the effectiveness and value of its oversight of the selection, independence, performance and quality of the audit and the auditor to shareholders and
https://www2.deloitte.com/content/dam/Deloitte/za/Documents/governance-risk-compliance/ZA_AppointmentOfTheAuditCommitteeAndIndependenceRequirements_24032014.pdf
The independence of audit committee members should be subject to review at least annually and more often as necessary. Companies that are required, in terms of the Companies Act, to appoint an audit committee should have policies in place to facilitate timely identification of changing relationships or circumstances that may affect the independence of audit committee members.
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