The Audit and Assurance Council considers and advises the FRC Board and the Codes and Standards Committee on audit and assurance matters.
The Audit and Assurance Council:
Provides strategic input and thought leadership, both in its area of expertise and the work-plan of the FRC as a whole. This involves “horizon-scanning” and consulting with practitioners or users;
Considers and advises the FRC Board upon draft Codes and Standards (or amendments thereto) to ensure that a high quality, effective and proportionate approach is taken;
Considers and comments upon proposed developments in relation to international Codes and Standards and regulations; and
Considers and advises on research proposals and other initiatives undertaken to inform the FRC on matters material to its remit and any resultant publications.
The Council comprises the Chair, who is a non-executive Director of the FRC Board, and up to eleven members. Up to half of the membership shall be practising members of the audit profession.