Final answer:
The audit committee should meet with external auditors before the audit starts to discuss responsibilities, accounting policies, and set expectations.
Step-by-step explanation:
The audit committee should meet with external auditors prior to the commencement of the audit to discuss the auditor's responsibilities and significant accounting policies. This meeting is essential as it sets the groundwork for understanding the scope of the audit, the reporting framework to be used, and it gives an opportunity to identify key areas of focus or concern upfront.
The meeting should also be used as a platform to clarify expectations from both the audit committee and the external auditors, ensuring that there is a clear mutual understanding of the processes, timelines, and the nature of the information and cooperation required during the audit.