Audit firms have certain compliance responsibilities dictated by the regulations of the local jurisdiction and to the hiring organization.
All Audit Committee Content
An audit committee report is a compliance document showing quarterly and annual snapshots of financial reporting processes & audit processes.
The relationship between the board of directors and independent auditors should should be based on the pros and cons of needing an auditor.
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.