With reference to the governance and audit regulatory debate and the relevant research evidence, critically evaluate the importance and the impact of certain audit committee characteristics on the overall effectiveness of the audit committees and quality of the external audit function.
AUDITING AND ASSURANCE Essay: “It is deeply concerning that many audit committees do not appear to be factoring professional scepticism and challenge into their criteria for selecting auditors and are instead using ‘cultural fit’ as a desirable attribute. Equally worrying is the finding that many audit committees are spending so little time on auditing matters. […]