This new "IOSCO Report on Good Practices for Audit Committees in Supporting Audit Quality" from the International Organization of Securities Commissions imparts the organization's views on good practices for audit committees - including audit committee composition, operations, and access to appropriate corporate secretarial support and other resources - in promoting and supporting the quality of the external audit. Each of the suggested big picture-principles is supported by a series of sensible "good practices" that illustrate how to effect them in the boardroom.
The report also suggests companies consider voluntary reporting on the audit committee's role in supporting audit quality, e.g., the committee's involvement in auditor appointment recommendations and performance evaluations, audit fee reviews, or other areas.