We formulate the problem of audio-visual speaker association as a dynamic dependency test. That is, given an audio stream and multiple video streams, we wish to determine their dependancy structure as it evolves over time. To this end, we propose the use of a hidden factorization Markov model in which the hidden state encodes a finite number of possible dependency structures. Each dependency structure has an explicit semantic meaning, namely "who is speaking." This model takes advantage of both structural and parametric changes associated with changes in speaker. This is contrasted with standard sliding window based dependence analysis. Using this model we obtain state-of-the-art performance on an audio-visual association task without benefit of training data.