On 29 May 2015 the FRC issued a practice aid to assist audit committees in evaluating audit quality in their assessment of the effectiveness of the external audit process. The FRC was responding to requests for guidance in this area, in light of the UK Corporate Governance Code provision, introduced in 2012, that the audit committee report should include an explanation as to how it has assessed the effectiveness of the external audit process.
: FRC provides aid to Audit Committees in evaluating audit quality
Audit Quality Practice Aid for audit committees
Leaflet: Audit Quality Practice Aid for audit committees
On 2 March the FRC issued its survey Extended auditor’s reports: A review of experience in the first year