FRC Group on Audit Committees starts work

FRC PN 67 12 September 2002 Related Documents Download Document Download Document Help The Co-ordinating Group on Audit and Accounting Issues, set up by the Government to oversee and co-ordinate the response in the UK to the issues raised by recent major corporate failures in the US, reported in July. As part of the follow-up to that report, the FRC was asked to set up a small group to develop the existing guidance for Audit Committees contained in the Combined Code (which the FRC is presently responsible for keeping under review). The Chairman of the FRC, Sir Bryan Nicholson, has now appointed the group. It will be chaired by Sir Robert Smith, Chairman of The Weir Group. The members are: Mark Armour    Chief Financial Officer, Reed Elsevier PLC Ted Awty    UK Head of Assurance, KPMG Glyn Barker    Head of Audit and Business Advisory Services, PwC Richard Delbridge    Formerly Group Chief Financial Officer, NatWest Group Richard Fleck    Partner, Herbert Smith and Vice-chairman, Auditing Practices Board David Rough    Formerly Chief Investment Officer, Legal & General The group will work closely with Derek Higgs’ review of the role and effectiveness of non-executive directors, and with the Auditing Practices Board, and will take account of the recommendations made by the Co-ordinating Group on Audit and Accounting Issues. The group plans to start its work immediately and to complete it by the end of the year. The group would be glad to receive views as soon as possible on the issues set out in its terms of reference, attached. Notes to Editors The Financial Reporting Council’s role is to promote good financial reporting and to act as the overarching and facilitating body for its two operational bodies, the Accounting Standards Board (ASB) and the Financial Reporting Review Panel. The Co-odinating Group on Audit and Accounting Issues issued its interim report in July. It is available on the DTI website, ref URN 02/1092. The FRC’s reaction was given in FRC Press Notice 66 of 24 July 2002. Comments should be sent to: Charles Bridge, Assistant Secretary, Financial Reporting Council, Holborn Hall, 100 Gray’s Inn Road, London WC1X 8AL, email c.bridge@asb.org.uk, telephone 020 7611 9706. END Press Enquiries: Charles Bridge, FRC Assistant Secretary, on 020 7611 9706