Smooth Audits Ahead: Best Practices in Selecting an Auditor and Setting Up an Audit Committee

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The weight of the financial statement audit cannot be downplayed when discussing challenges faced by government finance and accounting staff. Two important components are the selection of the independent auditor and related communications with elected officials. 

GFOA’s best practice, Audit Procurement, makes recommendations regarding the selection of auditing services, including how often to undergo a full-scale competitive process for the selection of an auditor. 

Audit Committees are required for public companies but are far less utilized by local governments. GFOA’s best practice, Audit Committees, makes recommendations to state and local governments regarding the establishment of audit committees. 

This session will provide an overview of the best practices and discussion with finance professionals on how they manage the audit procurement process and the utilization of audit committees at their governments. Panelists will also walk through an assessment checklist you can use to determine if your government is meeting the best practices and identify steps you can take if you are not. 

Learning Objectives

  • Learn GFOA’s best practice recommendations for audit procurement, including guidance on the frequency and structure of competitive selection processes for auditing services. 

  • Explore the role and benefits of audit committees in governments and understand GFOA’s recommendations for their establishment and use. 

  • Gain insights from finance professionals on real-world approaches to managing the audit procurement process and working with audit committees in local government.