For more than thirty years, as part of our commitment to the US investment management industry, we have been providing this reference tool for use by audit committees of registered open- and closed-end investment companies. The guide provides members of those audit committees a source of possible topics and matters to discuss with, and questions to address to, fund management, service providers, and internal and independent auditors. We believe the guide’s best uses are as a “memory jogger” and “thought provoker” to minimize the risk of any considerations or discussions being unintentionally overlooked during audit committee meetings and, conversely, to identify relevant and suitable subjects for discussion.
The guide presents considerations for audit committees in a number of areas with significance to open- and closed-end funds’ financial statements and their internal control, as well as matters pertaining to their relationships and communications with management and internal and independent auditors. Its Appendix provides information about certain additional requirements and responsibilities of fund audit committees, management, and/or independent auditors contained in regulations, listing standards of national securities exchanges and associations, and auditing standards.
