EMPIRICAL EVIDENCE ABOUT THE RELATIONSHIP BETWEEN EXTERNAL AUDITING AND THE

Analyzing the impact of the audit committee on effi ciency of external auditing and the supervisory board is the main focus of this paper. Based on the conducted empirical research, by way of surveying, the developed hypothesis, which states that the audit committee, as a subcommittee of the supervisory board, has a direct impact on higher effi ciency of both external auditing, and the supervisory board, is being tested. Additionally, basic roles of the supervisory board and the audit committee, and theoretically relevant and methodological aspects of external auditing will also be analyzed. Key words: supervisory board, audit committee, corporate governance, external auditing 1