The relationship between the board of directors and independent auditors should should be based on the pros and cons of needing an auditor.
All Audit Committee Content
As every private company board of directors has different needs, the same applies for what committees they find necessary to have.
Auditors use all types of qualified reports to alert the public as to the transparency, reliability and accountability of companies.
New standards for auditor reporting requires disclosure of issues that managers communicate to audit committees for critical audit matters.
Critical audit matters or CAMs are the specific issues flagged by an auditor which audit committees are now required to report.